I have sold some shares recently and had LTCG. In this case do i have to pay advance tax. I am not a senior citizen and currently have no other source of income other than some dividend income.
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Advance tax incase of LTCG from stocks
Replies (5)
Quick Summary
You must estimate your total income for the year. in case tax payable for the year is more than rs10000 then yes
Tax is payable on transfer of capital asset not on estimates except in a business of holding stocks it's different.
As per accounting convention, revenue is recognized on actual realization.
As per accounting convention, revenue is recognized on actual realization.
So in simple language, I calculated my LTCG tax on sale of stocks which is 90 thousand ( please note this is not gain its the tax ). In this case i have to pay 15% advance tax before 15th June. Correct?
It's not simple language it is as per act and norms.
Yes you have to pay
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