Capital gain and advance tax issue

hi

i think CII for the FY 2012-13 is not released yet.... may be in aug

Hi kavitha

Thnx for ur suggestion.

can u please tell me How to calculate Interest u/s 234.

Suppose tax are 2400000/- n till 31 march individual client has not paid any advance tax.

waiting for ur help.

CII for FY 2012-13 has not been announced yet.

Assuming your client is non-corporate.

Adv tax for 1st instalment(before 15th Sept 2012)= 30% of Tax payable

Adv Tax for 2nd instalment(before 15th dec,2012) =30% of Tax Payable

Adv Tax for 3rd instalment(15th mar,2013) =40% of Tax Payable

Why do you want to pay such a hefty amount of tax.

Invest the proceeds in house property, 54EC bonds to avoid tax.

Also, for tax payments of an individual, advance tax shall be paid 

15th September: 30%

15th December: 60%

15th March: 100%

If any instalments are not me, then intt @ 1% from the date of deficit till date of payment shall be charged.

And for CII of 12-13, it is expected to be 860...

Regards

Saurabh

ur working is absolutely correct but u wrong quoted Sec.234B instead of Sec234C n 234C instead of 234B

Dear Prateek

Client already has one house already  n in investing Bonds interese rate is only 4-5%  for 3 years.

so he does not want to block his liquidity  which is approx 1.25cr.

thats why i am concerning to best solution ..

please correct me if i am wrong

Non corporate assessee-234C

advance tax paid on or before sep'15th is less than 30% --- 1% per month per 3 months

on or before dec'15th less than 60%---1% per month per 3 months

on or before Mar'15th less than 100%---same as above

advance tax paid but less than 90% of the assessed tax interest @ 1% p.m /part of month under sec 234B

if failed to pay advance tax ,on whole amount 1% p.m/part of month interest is appliacble

Correct me if i am Wrong

suppose Tax liability is 2400000 including education cess n I have not paid any Advance Tax till 31 march then

Interest

s correct

Invest the entire amount in Agriculture land take full exemption sec 54b then sold entire land which will be fuly exempt from tax