Advance tax on short term capital gains
This query is : Resolved
Sunayana Vadhyar
(Querist)
01 August 2010
Should Advance tax be paid if short term capital gains on shares which are subject to securities transaction tax is ?
Shortterm capital gains Rs48000
It is very urgent because I have to submit the return before 4th August 2010. I am salaried employee
Should Advance tax be paid if short term capital gains on shares which are subject to securities transaction tax is ?
Shortterm capital gains Rs48000
It is very urgent because I have to submit the return before 4th August 2010. I am salaried employee
02 August 2010
*Payment of Advance Tax in case of Capital Gains/ casual Income:
In such cases it is not possible for the assessee to estimate his income in advance for payment of advance tax. Therefore it is provided that if any income arises in such cases after the due date of any installment, then advance tax on said income should be paid on / before the due date of next immediate installment or in case of no installment being due by the end of the Previous year, i.e., 31st March.
In such cases it is not possible for the assessee to estimate his income in advance for payment of advance tax. Therefore it is provided that if any income arises in such cases after the due date of any installment, then advance tax on said income should be paid on / before the due date of next immediate installment or in case of no installment being due by the end of the Previous year, i.e., 31st March.
Sunayana Vadhyar
(Querist)
02 August 2010
Thanks. But my doubt is not completly resolved. I have not paid advance tax at all not even on 31st march 2010.
That means now I have to pay now Interest u/s 234B & 234C for delay in payment of advannce tax
That means now I have to pay now Interest u/s 234B & 234C for delay in payment of advannce tax
02 August 2010
Yes. You are correct. You will then have to pay interest u/s 234B & 234C for deferment of Advance Tax.
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