12 July 2007
when a person has sold his listed shares and it is a short term capital gain, has sold the same shares in the last quarter, has not made the payment of tax completely.. so will he be liable to pay advance tax.. would like to get some illustrations as it is not convincing to pay advance tax for capital gains, lottery income etc. waiting for a response from your side at your earliest
12 July 2007
The advance tax would be payable for the installment falling due on 15.03 or 31.03 as and when the Capital Gains arise. There would be no interest payable for the advance tax not paid in the other past installments. The capital gains are computed as per each quarter so as to derive the liability for advance tax. However, the advance tax is payable and it shall not be right if the self assessment tax is simply paid at the time of filing of the return of income. The interest u/s.234 shall be payable in that case.
CAclubindia
