I worked for more than 2 years and paid tax during the years 2007-2008 and 2008-2009. I worked till July 2009 and became a student again. The salary income I earned in the period from April 2009 to July 2010 is less than 1 lakh and is not taxable. During the period April 2009 to March 2010, I had some Short Term Capital Gains, Tax payable would be 15% on the capital gains or is it 10%?
Tax exempt limit for FY 2009-2010 was Rs.165000 for males.If its less then you pay no tax on salary income . However on short term capital gains irrespective of whether you are in the zero or 10% or 20% or 30% slab , you pay short term capital gains tax at 15% only . This is the position as of now . This will change once the DTC comes into effect .
Secondly, I am also paying my fees for the full time course that I am pursuing now out of the capital gains during this year. Do I get any tax exemption for the same?
No exemption can be claimed - Remember that you get exemption for education related expenses only on the interest paid to service an educational loan taken from a recognised lending institution.
Thirdly, what is the last date to pay tax for the year 2009-2010.
Last date to file return is 31st July . You can remit tax even now - however do not forget to add the penalty along with the tax payable .Penalty is applicable if tax has not been remitted on due dates . I see no advance tax applicable in your case.
Last, which ITR form do I need to fill up to file my tax return, as I have salary income as well as Short Term and Long Term Capital Gains.
ITR 2
Who can use this Return Form ITR 2
This Return Form is to be used by an individual or an Hindu Undivided Family whose total income for the assessment year 2010-11 includes:-
(a)
Income from Salary / Pension; or
(b)
Income from House Property; or
(c)
Income from Capital Gains; or
(c)
Income from Other Sources (including Winning from Lottery and Income from Race Horses)..
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
Who cannot use this Return Form ITR 2
This Return Form should not be used by an individual whose total income for the assessment year 2010-11 includes Income from Business or Profession.
Regards
Anthro
Active Topics
Memberlist
Calendar
Search
Help
Register
Login
IP Logged
