Hi @Quicko - how to approach the balance sheet schedule when a person has intraday profits ( less than 2.5 lkhs ) and income from another business ? accounts don’t have to be maintained for intraday as the income is less than 2.5 lakhs. But do we have to fill both the balance sheet nd the “no accounts” section in the BS schedule ? if yes then what is “Stock-in-trade” for intraday ? the balance with the broker?
Hi @aionline,
In this case, you can add your bank balance and balance with broker (under other current assets) and proceed to file your ITR.
Is the basic exemption limit (3 Lac) applicable to income from dividends and interest (savings/fixed/bonds)?
If my total income (dividend + interest + salary) is less than ₹7 lakhs, do I need to pay income tax? Additionally, in this scenario, can I avail of tax-free ₹1 lakh long-term capital gains (LTCG)?
Thanks…
Hi @Shivam_Gupta,
Yes, the basic exemption is available on all of these incomes.
No, there will be no tax liability as you’ll be eligible for a rebate under the new regime. Moreover, yes, you can claim the exemption on LTCG.
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Thanks @Quicko
In a year, what amount of tax-free capital gains can I realize if I have no other income? Will long-term capital gains (LTCG) be included in the basic exemption limit? Specifically, will the exemption be ₹3 lakh or ₹4.25 lakh (₹3 lakh basic exemption plus ₹1.25 lakh tax-free LTCG limit)?
Thanks …
Hi @Shivam_Gupta,
In case there’s no other income and just LTCG, you will get ₹3L basic exemption and LTCG exemption of ₹1.25L.
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