Advace Tax

788 views 6 replies

Satish

Enginner

40 Points Posted on 11 December 2009

I have sold my home on 29 Oct 2009. I have to pay short term capital gains tax from the sale. I want to know when i have to pay this tax? December 15 or March 31?

If I delay my payment, how much fine & what rate of interest I have to pay?

Please help me with the information.

Regards

Satish

Replies (6)

Guest

You have to pay tax after computing your total income on/before 31st march 2009....

By total income, I mean salary+business income+capital gains+income from other sources...

Satish

Enginner

40 Points Posted on 11 December 2009

Thank you very much for your reply,

I have gone through an advertisement from IT dept.. saying that, pay Advance tax before 15 th Dec.. and it also says that, one has to pay tax in 3/4 instalments if the total tax exceeds Rs. 10,000 other than the TDS.

Could you please clarify me on this & whether I understood correctly or not.

Regards

Satish

Guest

Originally posted by :Satish
"	I have sold my home on 29 Oct 2009. I have to pay short term capital gains tax from the sale. I want to know when i have to pay this tax? December 15 or March 31? If I delay my payment, how much fine & what rate of interest I have to pay? Please help me with the information. Regards Satish	"

Hi Mr. Satish

First of all you need to know that whether your tax liability on total income including salary income, house property income, capital gains and other incomes exceeds Rs. 10,000/-. If so, then your are required to pay advance tax as follows:

Tax payable	Due date
30% of the total tax	On or before Sep 15, 2009
60% of the total tax – tax previously paid on 1^st installment	On or before Dec 15, 2009
100% of the total tax -tax previously paid on 1^st and 2^nd installment	On or before Mar 15, 2009

If your total tax liability for the year 2009-10 does not exceed Rs. 10,000/-, you are not required to pay any advance tax.

If you are required to pay advance tax and you do not pay, you will be liable to pay interest @ 1% per month.

Guest

Sorry, the due date for 3rd installment i.e. payment of advance tax is March 15, 2010 and not Mar 15, 2009.

Satish

Enginner

40 Points Posted on 11 December 2009

Thank you for the information.

I have to pay tax more than 10k on capital gains. So I have to pay adavance tax now.

If I miss to pay idvance tax , Is there only interest @ 1% per month OR there is any fine also along with interest?

Regards

Satish

Ravindra

C.A Student

27 Points Posted on 12 December 2009

Really Anand... vry nice answer.....!

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Your are not logged in . Please login to post replies

Click here to Login / Register

Recent Topic

More recent discussions | Post

Menu

Advace Tax

Satish

Satish

Satish

Ravindra

Leave a Reply

Recent Topic

Related Topics

Latest Job Openings

Chartered Accountant - GST & Direct Tax

Sr. Associate / Assistant Manager | TAS / FDD

Senior Account (VA Client Operations)

Audit, Taxation & Compliance Executive

Assistant Accounts Manager

Internal & Taxation Article

Accounts assistant

CA Article Trainee

Menu

Forum Search

Advace Tax

Leave a Reply

Recent Topic

Related Topics