Hi,My father is a retired senior citizen aged 72 yrs. He has income from FD and savings bank interest = 4.5 lakhs. After deduction of 1.5 L from section 80C, FD waiver of 50,000 for senior citizen and 50,000 medical expenditure, his taxable income comes to 2 L which comes below threshold of 2.5 lakhs and hence no tax liability. In addition, sitting at home, he did stock trading in which he earned 20L of STCG on which income tax of 15% i.e. Rs 3 L needs has to be paid. My question is -since his income tax is just due to STCG, does he need to pay this 3 lakhs as advance tax by March 15 or can he pay that during filing of return by July 2021 (just for checking, I tried putting some STCG in the FY19-20 ITR2 and I did not see any penalty under section 234(B) and 234(C) - does this mean for stock trading even if we are not able to calculate the tax liability in advance as the position changes every day, we can pay the tax liability at the time of assessment during return filing and there is no penalty imposed on non-payment of advance tax just for STCG arising out of sale of shares on which STT has been paid).
Thx.
CAclubindia
