STCG In case of STT PAID

Shivani Mittal

Practice

425 Points Posted on 06 November 2009

Cn u tl me dat is exemption allwed even in case of STCG111A upto to basic exemption limit i.e. STCG111A is taxable @ 15% irrespective of basic exemption limit though it is a part of TI bt still tax has to be paid on it @ 15%.

Shivani Mittal

Practice

425 Points Posted on 06 November 2009

If it is the case of STCG111A den tax has to be paid @ 15% irrespective of TI being within basic exemption limit , by ind/ huf ( ROR/NOR) if d income is accruing/ arising in INDIA or income is acruing/ arising abroad n received in INDIA..

Juzer Sadikot

CA - innovative solutions for Imports an

1309 Points Posted on 07 November 2009

Originally posted by :Shivani Mittal
"	If it is the case of STCG111A den tax has to be paid @ 15% irrespective of TI being within basic exemption limit , by ind/ huf ( ROR/NOR) if d income is accruing/ arising in INDIA or income is acruing/ arising abroad n received in INDIA..	"

I doubt, pleaz explain w.r.t. section 111A

Juzer

Guest

Originally posted by :CA Namita Ganatra
"	If he is just having STCG of Rs. 1.20 lacs and no other income then his income is lower than the exemption limit of Rs. 1.50 lacs determined for A.Y. 2009-10 hence he has no tax liability in A.Y. 2009-10. Further, you can go through the proviso to Sec. 111A which grants relief in such cases.	"

nikita jain

back office executive

45 Points Posted on 08 November 2009

1.how the value of free services can be determined.are they liable to service tax.

2.in case of huf taxliability while computing tax on huf and its female member what is the exemption ceiling for its female member.its 180000 na.but in rtp nov09 its calulated on 150000.i m very confused for this.tax slab is same for individiual and huf and nonresident for female and senior citizens

Rakesh Mehta

self employed

26 Points Posted on 15 September 2010

Hi, I am reviving an old thread because this is exactly the query I have.

I have only income from capital gains - NO OTHER source of income. This income is by way of sale of stocks on the exchange, and have already been subjected to Section 111A. I am a resident Indian. As per the discussion here, I am not required to pay tax if my total income (80,000) is below the maximum exemption limit - in my case 1.6L.

However, when I file my returns using ITR 2 on incometaxindiaefiling.gov.in, the Tax Return Preparation software computes my tax at 15% + cess. Is that correct?