In the Budget Proposals for FY 2008-09 (AY 2009-10), Short Term Capital Gains Tax has been raised to 15%. If there is net taxable income of Rs. 300,000/= from Short Term Gains only for a non-senior citizen male assessee, no other income or savings, what would be the income tax liabilty for AY 2009-10? Please answer possibly with relevant provisions of the Income Tax Act or with the decided and established case laws/practice of likely similar situations earlier.
Do consider that income upto Rs. 1.50 lacs are generally exempt (for non-senior citizen males) and the next slab upto Rs. 3.00 lac otherwise attracts income tax @ 10%.