Hi Dear,
Thank you for your comments....
First we all should try to appreciate the difference between an income being exempt and a income being non taxable at all....There is a slight difference between the same...
Income which is exempt is that income which is taxable but by the provisions contained in the Income Tax Act are made to tax at 0% such as Agriculture...Non tax Income is that income which was never income hence it never came into the purview of Income Tax Act for eg. loan taken...
Agricultural Income is added to your other income in order to check what is the tax liabaility for the other income so that tax can be calculated on the other income...
In your case since the other income does not excees the basic exemption limit the tax payable would be nil....
However i would suggest that you file your ITR always...even if 10/- is earned.
Thank you sir for quick comment.
1.Now sir which form should I fill and what type of income should I show if I earn STCG & LTCG only.
2."Is Long term capital gain tax" also needed to be mentioned in ITR form.
3.Please giude me and tell me the form no and column where I fill these STCG & LTCG details.and where to deposit and
when?
Please see this senario...am I correct?
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suppose
STCH= 10000
LTCG=100000
15% tax on STCG=Rs 1500
No other income except this STCG & LTCG.
income is below income tax limit and LTCG exempted.
hence no TAX.
ZERO TAX.
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4.Last year my father gained 120000 as STCG. He is retired and senior citizen.I deposited 12000 as tax online from ICICI account.But not filled IT return.what to do now.His income is not more than senoir citizen exemption limit.Is our Rs 12000 goes waste.....
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Sorry for asking so much questions.In this world without
money no one gives any advice.You are fulfilling people wish,your work really appreciated.Even after paying money correct advice is not given in this World.
Thanks with heart.....