Stcg under section 111a

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BHASKAR MUKHERJEE (Querist)

09 July 2012 I have STCG for 2011-12(PY) Rs.11000/-. Gross income from salary is Rs.12 lakhs. Can I pay tax @15% under Section 111A of the IT Act?

Also please advise whether Advance Tax was payable against the income?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

09 July 2012 On STCG U/s 111A, you can pay tax @ 15%.
.
Advance Tax provisions are applicable on the
Capital Gains also, however, interest for deferment (late payment) is chargeable keeping in view, the date of accrual of CG.
.
In case you haven't paid advance tax, no need to worry. You can pay this small amount while filing your IT Return through Self Assessment Challan.

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BHASKAR MUKHERJEE

BHASKAR MUKHERJEE (Querist)

09 July 2012 ITR-2-CG-OS sheet filled up, after tax calculation not showing any interest payable for non-payment of advance tax. Can you advise me, is there any mistake in filling data?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

09 July 2012 Chances of any mistake are remote. As the amount payable by you is very small, it is getting adjusted with your Salary TDS. Further, when 90% of the Tax has already been paid , Interest U/s 234-B also relieves
the assessee from paying Advance Tax.
.
Pay the tax and "Smile".
.

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