How much tax should i pay?
RAJARSHI BAG
(Querist) 22 October 2016
This query is : Resolved
I am a salaried person with annual salary of approx. Rs.5,00,000/-. I do tax savings of Rs.1,50,000/- under section 80C. Hence I have to pay at least Rs.10300/- as income tax for the financial year 2016-17. Now in addition with all this, I have sold some gold ornaments worth Rs.2,50,000/- on 18th October 2016. I intend to know what kind of tax should I pay for this and how much?
Rajendra K Goyal
(Expert) 22 October 2016
When and on what cost the gold was purchased?
Better post your query in CAclub India with all material facts.
Ms.Usha Kapoor
(Expert) 23 October 2016
AS PER THE FOLLOWING it SLAB RATES income TAX IS CHARGED ON SALARY INCOME ON ANNUAL BASIS.
Income Tax Slabs and Rates for FY 2014-15 and AY 2015-16
Income Tax Slabs and Rates for FY 2014-15 and AY 2015-16
Income tax is a major source of revenue for governments around the world, and the Indian government is no exception. Income taxes, by definition, are collected on income from various sources that an individual may earn during a fiscal year. In India, income tax is controlled by the Central Board of Direct Taxes (CBDT), which in turn falls under the Indian Revenue Services (IRS). IRS is the administrative services arm of the Department of Revenue, Ministry of Finance.
Update from April 2016: Checkout: Income Tax Slabs and Rates for AY: 2016-17
Who has to pay income tax?
Income tax is collected on a yearly basis as a percentage of an entity’s income in a fiscal year (April to March). The maximum rate of income tax is capped at 30% in India, though surcharge and educational cess are also applicable, which may increase this upper limit by some percentage. Taxpayers are broadly categorized into:
Individuals and Hindu Unified Families (HUF) entities:
Individuals (both male and female) up to the age of 60 years.
Senior citizens above 60 years and up to 80 years of age.
Super senior citizens above 80 years old.
Business Entities
Domestic company, firms and local authority.
Co-operative societies.
Foreign companies.
Income tax rates are levied according to the divisions given above. For the first category of individual taxpayers, the tax slabs and rates are applicable as per following.
Home Loan
Income Tax Slabs and Rates
Individual Taxpayers: Learn more: How to Calculate TDS from Salary
For HUF and individuals (less than 60 years old):
Tax Slabs Tax Rates
Income up to Rs.2.5 lakhs Nil
Income between Rs.2.5 lakhs and Rs.5 lakhs 10% of amount exceeding Rs.2.5 lakhs
Income between Rs.5 lakhs to Rs.10 lakhs 20% of amount exceeding Rs.5 lakhs
Income above Rs.10 lakhs 30% of amount exceeding Rs.10 lakhs
less 1,50,000
less5000 tax rebate
total income-500000-4,05,000= 10%95000=9500 plus education cess and surcharge etc-?Rs.10000 approximately.
You ARE LIABLE TO PAY INCOME TAX OF AROUND 10000 RUPEES per ANNUM AFTER EXEMPTION OF 1,50,000 AND TAX REBATE OF RS.5000 YOU TAXABLE SALARY IS rS.95000 AND 10% OF THIS SALARY TOWARDS INCOME TAX AMOUNTS TO 9,500 RUPEES + EDUCATION CESS +_ SURCHARGE= you ARE LIABLE TO Pay Rs.10000 approximately towards income tax. As far as gold in concerned Gold ETF(Exchange Traded Funds) is carried out in stock market if you hold the gold for at least 12 months you will be liable e to long term capital gains tax of Rs. 15% on Rs.2,50000=375 rupees.If you held the gold for less than 12 months you'll be liable to short term capital Gains tax of 10%=2500 rupees. If you want the exact amount of tax you must tell me when and how you acquired gold either through gift or own purchase etc.If you appreciate this answer please click the thank you button on my profile.
Rajendra K Goyal
(Expert) 23 October 2016
Please also mention , in whose name and how the gold was acquired, whether it was in the ownership of your wife or you?
Rajendra K Goyal
(Expert) 24 October 2016
repeated query:
http://www.lawyersclubindia.com/experts/How-much-tax-should-i-pay--620936.asp
Kuummaar AS
(Expert) 24 October 2016
RAJARSHI BAG,
WITHIN HOURS OF RAISING QUERY AT THIS THREAD, YOU RAISED SAME QUERY AT http://www.lawyersclubindia.com/experts/How-much-tax-should-i-pay--620936.asp WHERE FOLLOWING WAS CONVEYED TO YOU
quote
YOU HAVE SAID,
" I am a salaried person with annual salary of approx. Rs.5,00,000/-. I do tax savings of Rs.1,50,000/- under section 80C. Hence I have to pay at least Rs.10300/- as income tax for the financial year 2016-17. Now in addition with all this, I have sold some gold ornaments worth Rs.7,00,000/- on 18th October 2016. My in-laws gifted the ornaments to me and my wife on our wedding in March 2013. My wife is a housewife. Now I intend to know what kind of tax should I pay for this and how much? "
1. IF YOUR SALARY FOR THE YEAR 2016-17 IS RS.5,00,000/- AND YOUR SAVINGS UNDER SECTION 80C ARE RS. 1,50,000/- YOUR TAX LIABILITY WILL BE RS.5,150/- AND NOT 10,300/-.
2. WHAT TYPE OF DOCUMENTS DO YOU AND YOUR WIFE HAVE RELATING TO GOLD ORNAMENTS?
unquote
ON THIS THREAD, YOU HAVE MISSED " GIFT" Part.
WHAT ENJOYMENT HAVE YOU GOT IN DOING SO?
adv.bharat @ PUNE
(Expert) 24 October 2016
Author need to explain the query raised by expert.
