Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU Mihir Tanna, associate director, S K Patodia and Associates, will answer them.
Anonymous: If i am earning Rs 16,75,500/- for year 2025-26 how much income tax i will pay?
Tax will depend on nature of Income.
Example: On salary, income on transfer of debt mutual fund and business income slab rate is applicable. Slab rate will depend on tax regime (old/new) selected by you.
In case of income from transfer of STT paid equity shares/equity based on mutual fund 12.5% to 20% will be charged based on long term or short term nature of capital gain.
Haresh: Sir Just tried to find out that can derivative profit which is less than 1-yrs can be adjusted against sale of equity stock which is loss transaction?
No. Short term loss from STT paid equity transactions can be set off against short term or long term gain. Long term loss from STT paid equity transactions can be set off against long term gain.
Profit from derivatives through recognised stock exchange is taxable under the head Income from business and profession.
GUPTA: Why do I have to pay tax on 12 lakh salary income? Confused.
Technically there is no tax if taxable income up to 12 lakh (except special rate income), as you get rebate equivalent to tax charged. So you have to calculate tax as per slab rate first and reduce tax liability by way of rebate.
Karunakar: Hello sir, I am selling one house worth 1.7 Cr out of which 1.4 Cr will be my LTCG. I want to buy a flat with the LTCG amount but that is costing only 90 Lakh. Instead of paying LTCG on remaining 50 Lakh can I buy other property worth Rs 50 lakh and save from the taxes? Basically my question is whether I can buy 2 properties with LTCG amount and save taxes?
Exemption for two properties is available up to Rs 2 crore of capital gain once in a lifetime.
Anonymous: How to manage tax on interest on bank deposit? I am aware that we can pay this tax via bank portal. Is there any deadline within which time we must pay this tax? I normally pay this using incometax portal while filling ITR2 during june or july much before the filing deadline but observered that ITR2 form automatically adding some panelty or so. Why is that so? How to avoid this? kindly help.
There is concept of advance tax.
Please read about it here itself (external link).
- You can ask rediffGURU Mihir Tanna your questions HERE.
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Any use of the information/any investment and investment related decisions of the investors/recipients are at their sole discretion and risk. Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Opinions expressed herein are subject to change without notice.
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