Advance tax on speculative income
This query is : Resolved
30 December 2011
Advance tax needs to be paid by an individual in three instalments of 30%, 30% and 40% of total tax amount. Income Tax needs to be paid on speculative income at a special rate. But Specalive Income (say profit from day trading in stock market) is unpredictable and how can one know about his annual profit (or loss) by the mid of a financial year. In this context, please let me know whether advance tax needs to paid in case of Speculative Business earnings.
30 December 2011
Advance tax is also required to be paid on speculative income.
The only difference is that it cannot be computed in advance.
The tax in respect of such income will be deposited in the instalment falling due AFTER the gain has actually been realised.
For instance tax on gains earned during the period Jan to 15th March should be deposited by 15th March.
The only difference is that it cannot be computed in advance.
The tax in respect of such income will be deposited in the instalment falling due AFTER the gain has actually been realised.
For instance tax on gains earned during the period Jan to 15th March should be deposited by 15th March.
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