What is Section 112A of income tax Act?
Section 112A provides for long-term capital gains tax on the sale of listed equity shares, equity-oriented mutual funds and business trust. The rate of long-term capital gains tax on these listed securities is 10% for gains exceeding the threshold of Rs 1 lakh.
What is the income tax slab for FY 2014 15?
Income Tax Slab & Deductions FY 2014-15
For Men below 60 years of age | For Senior Citizens (Age 60 years or more but less than 80 years) | |
---|---|---|
Rs. 2,50,000 | Nil | Nil |
Rs. 2,50,001 – Rs. 500,000 | 10% | 10% |
Rs. 500,001 – Rs. 10,00,000 | 20% | 20% |
Above Rs. 10,00,000 | 30% | 30% |
What is Salesforce tax rate?
April 5, 2021 Updated: April 5, 2021 3:04 p.m. Salesforce had no net tax liability over the last three years, with a net effective tax rate of -0.1%, according to the institute.
How are mutual fund redemption taxes calculated?
The investment amount = Rs 60 * 6000 = Rs 3,60,000. The value of capital gains considered for taxation = Rs 4,80,000 – Rs 3,60,000 = Rs 1,20,000. You have Rs 1 lakh per year exempted from long-term capital gains tax. You have to pay LTCG tax only on Rs 20,000 at the tax rate of 10% which translates to Rs 2,000.
What is Section 112 and 112A?
Capital gains are taxed as per the tenure of holding investments. The gains on investments are broadly classified into long-term capital gains or short-term capital gains. The taxation of long-term capital gains is divided under two provisions, i.e. Section 112 and Section 112A of the Income Tax Act.
What is STT under 112A?
Section 112A -Applicability Capital gain is exceeding Rs. 1 lakh. The transactions of purchase and sale of equity share are subject to STT (Securities Transaction Tax). In the case of equity-oriented mutual fund units or business trust, the transaction of the sale is liable to STT.
What is 112A and 115AD?
Schedule 112A can be used by a resident individual who has earned capital gains from equity shares and/or equity mutual funds. On the other hand, schedule 115AD(1)(iii) can be used by non-resident individuals (NRI).
What is rate of STT?
Securities Transaction Tax (STT)
Sr. No. | Taxable securities transaction | Tax Rate w.e.f. June 1, 2016 |
---|---|---|
1. | Purchase of an equity share in a company, where such contract is settled by the actual delivery or transfer of such share or unit. | 0.100 per cent |
What is STT paid?
Levy of Securities Transaction Tax
Taxable securities transaction | Rate of STT | Value on which STT is required to be paid |
---|---|---|
Delivery based sale of an equity share | 0.1% | Price at which equity share is sold* |
Delivery based sale of a unit of oriented mutual fund | 0.001% | Price at which unit is sold* |
What is STT under section 112A?
Scope of Section 112A In the case of an equity share of a company, the securities transaction tax(STT) has been paid on the acquisition and transfer of such assets. In the case of the units of an equity oriented fund or the units of a business trust, the STT has been paid at the time of sale of the asset.