Advace Tax

Tax queries 784 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