My salary income is Rs.155160/.Short Term Capital Gain Rs.4604/- Saving is Rs.61137/- What is my tax liabiilit

Question

Tax on my salary income + stcg after deducting saving is below the exemption limit ofRs.110000/-. Do I need to pay itax on the stcg at special rate of 10% as shown in the itr-2 form Schedule SI. I have not paid the tax till date. Can I remit the tax even now? Is there any penalty for delay in remittance?

Answer 1

You have no need to pay tax on stcg since your taxable income does not exceeds the limit as precribed by act

Answer 2

If saving of Rs. 61117 is deductible under sections 80C, 80CCC... then you don't have any tax liability. You do not pay tax on short term gain as your income (after deductions) is less than income not taxable.

For information on your Income Tax return and to download the forms, go to http://mytaxes.in/index.php?topic=32.0.

If you want to file online, read http://mytaxes.in/index.php?topic=94.0

Answer 3

nil. if your savings are in authorised intruments under section 80 c