New Tax slabs for FY 2014-15 (AY 2015-16)

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• Please sir.can u understood me some knowledge for tax slabs

  • Kundan-It is already available in above post.

• I've taken a consolidate view of my icicidirect account.
  It declares some 7k as LTCG while some 3k as stcg.

  I'm filing ITR-1 and wondering how to put this income there.
  - When I add it to other sources, the tax calculator asks to pay 30% rather 15%
  - And LTCG is also getting taxed which ideally should be tax free.

  Can you help and direct me where to fill this income, so that I can show it and pay right tax percent.

  • Vikram-You have to show the STCG in capital gain rather putting it in other source. Also, you have to show LTCG in exempt income.

• I have query about paying tax related to short term capital gain.

  I am a salaried person and also in taxable bracket for my salary.

  for salary my tax is already deducted and submitted by my employer.

  I have invested some sort of money in stock market and got the

  long term capital gain [-248 (loss)]

  short term capital gain

  Delivery [+11450 (gain) -457(loss) = 10993( gain)]

  Intraday [+758 (gain) -244(loss) = 514 ( gain)]

  *STT are already paid by brokerage house for all the above transaction.

  my question is how much I need to pay tax for current financial year.

  Is it 10% of overall short term capital gain(means 10% of 11507)?

  and How to pay tax online?

  If I will go to this site

  https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

  which CHALLAN I need to select?

  and after that which option from Tax Applicable* and Type Of Payment* should be selected?

  • Manish-Please read my earlier post "All about Tax Liability on Equity Share Trading".

• Hi,
  Appreciate your efforts.

  I have worked in a company for 6 months in this FY and then working for myself without any income. Please help me with following questions.
  1. Can I claim all benefits like HRA, conveyance etc for the entire FY?
  2. The company which I worked in India (its not based in india and the shares are not traded in india) allots some shares on a monthly basis (we pay for 50% and the company pays 50%). These are accumulated over the years. I have sold all of these shares. Any tax liability on this amount? If so, at what rate?
  3. Since I was not working or there is no income, can I claim any benefit?
  4. I have some short term capital gains from shares. What is the tax rate on this? Is it 15% or at normal rate? Also, I have losses from previous years (both long term and short term from shares). I have declared them in returns but only for those individual years (ex. losses are declared in 2012-13 but not repeated them again in 2013-14. In 2013-14, only fresh losses were reported). For example, I have a loss of 10000 in 2012-13, and 10000 in 2013-14. What should I report in 2013-14? 10000 or 20000. In my case, only 10000 reported in 2013-14, the other 10000 is in 2012-13. Now, can I trade off 20000 with current year gains?

  • Prakash- 1) Only for the months you worked. 2) It depends on your holding period. 3) Whether you work or not tax benefit apply same. 4) Please read my earlier post "All about Tax Liability on Equity Share Trading".

    • Thanks Basavaraj. For the second point, is it treated similar to stocks held in India (like STCG/LTCG)? These shares are accumulated every month for the last couple of years. So, shares accumulated in the last 12 months fall into STCG and the rest in LTCG?

      • Prakash-Each buy must complete 12 months to qualify for LTCG.

        • Thanks a lot. So, I will classify them as LTCG and STCG. All this while I was adding it to my regular income and calculating tax at normal rate.

• I have short term capital gains and losses arising out of
  1) Equity - direct sale / purchase (Loss)
  2) Debt fund (FMP - 368 days) (profit)
  3) Gold Etf (holding for 1.5yrs) (loss)

  I understand these are liable for differant rate of taxes (15%, as per tax slab - 30%).

  Can I offset gains and losses here? What tax rate I apply to the adjusted figure.

  • Nirmal-First understand the offset rules. Then go ahead. Also your tax rate apply after this adjustment but not before.

• can you suggest me to get the HRA benifit as my company is not accepting Rent Receipts as rent paid proofs. they are asking for Rental agreement, which my house owner is not willing to give.

  How to show in e filing of Tax returns the amount paid as rent if Company is not considering???

  • Shivaparasad-why you are owner not willing to sign the rental agreement? Also how you are staying in that house without agreement?

• sir ,
  I have small shop , i get loan 3,00,000 for home . That time i have submitd IT returns ,
  i have income 120000 pa , my tax adviser says , u have to pay income tax for every year . other wise u get I T noties
  if i want to submit I T returns in which month i submit for 2014 - 2015

  plese give me advise i dont have any knowedge on income tax

  • Babajan-It is not required. But if you want then you can show return as there will not be any tax liability.

    • Thank you sir ,

      for your valuable advice

• wow, i learn lot of things from comments only.. good job keep it up basuji..

• Now that in FY 2014-15, the short term for debt funds have been redefined as 60 and <80) the taxable income is <Rs 3,00,000, will the CGT be nil?
  Please clarify.

  • Anjan-I am unable to understand what is your doubt?

    • Even I can't understand the text that is appearing. It seems the same has been chopped off at points. My original text was "Now that in FY 2014-15, the short term for debt funds have been redefined as less than 36 months, I have a query regarding Short term Capital Gains Tax applicable. What is the definition of 'Tax Slab' shown above? Is it the slab in which my Income tax rate falls? If I am in less than Rs 3,00,000 tax bracket and 61 years old will the CGT be nil?
      Regards."

      • Anjan-If at any point of time your capital gains falls less than the minimum tax slabs then they are free whether your age is 40 Yrs or whatever. But if the limit crossed then you need to pay the tax.

        • Thanks.

      • Hi:
        It seems the usage of "" with "(" & ")" created the problem in the original message.

• What is the Dividend Distribution Tax rate for private limited companies in FY2014-15 and date from which it is implemented?

  • Ajay-I am not an expert on companies matters.