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Capital Gain Advance Tax

187 views 4 replies

Priya G.

122 Points Joined August 2017

Filing ITR4 last 4 years (presumptive taxation 44AD) for Business Income + Other Sources. Advance tax until now was due on or before 15 March of AY.

1) In 4th week of September 2023, I sold a real estate property. What is the last date to pay Advance Tax for LTCG? 15 October or 15 December?

2) My Business income is still the same. Can I still opt for 44AD for tax on BI + OS?

3) For AY 2024-25 (FY 2023-24), in which ITR form should I file returns for LTCG & presumptive taxation under 44AD of (BI + OS) ?

Thanks & Regards

Replies (4)

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

1. 15th December
2. yes.. btw 44AD is for BI only
3. ITR 3 unless any change in form gets notified

Thankyou very much Sir. To avoid interest/penalty I am paying advance tax + sufficient surplus amount : all under minor head Advance Tax (100) without breaking up as surcharge, cess. Can the surplus amount later on while filing returns, be adjusted for surcharge & cess or I have to pay them accurately under appropriate heads? Thanks again.