Under the Income Tax Act, if a taxpayer incurs a short-term capital loss of ₹2,00,000 and a long-term capital gain of ₹1,50,000 in the same year, what is the net taxable capital gain?
Explanation:
Short-term capital loss can be set off against both STCG and LTCG. Here, the STCL of ₹2,00,000 is set off against the LTCG of ₹1,50,000. The remaining STCL of ₹50,000 is carried forward. The net taxable capital gain for the year is Nil.
Explanation:
RCM is applicable in certain cases including supplies by unregistered persons to registered persons (though now mostly suspended except specific notified items). Also for specified services like legal, goods transport agency, etc.
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