Please explain what and how they’ve done after calculating total income of 594000
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Assessee is senior hence basic exemption limit is 300000. Now he has 3 incomes, LTCG 112A, STCG 111A and dividend.
112A and 111A are special rate incomes whereas dividend is normal income.
First of all, tax on dividend income is 0 , as it is normal income less than basic exemption limit.
Now comes special rates income.
See out of 3 lacs of limit, 2000 is utilised but 298000 is unexhausted, we can adjust special rate income from that. So let’s first adjust STCG as it is taxed at higher rate of 15% than the LTCG of 10%.
So 396000-298000 = 98000 remains taxable at 15%
Then LTCG 196000 (exemption 100000 u/s 112A) , hence 96000 taxed at 10%.
After that, add cess.
Thankyou soo much