Hi ,
sold some longterm holding shares in November 2024, didn't paid any tax yet. Planning to pay it before 31st of december.
for example If i owe 10lakhs after the 1lakh exemption ,How much interest will be charged? does 234A,234B,234C all apply for this?
What will happen if I am not able to file by December 31st? what are the penalties?
Thanks ,
Jay
Since you sold share in Nov 24 so exemption for LTCG is 125000
In this case after reducing exemption amount from LTCG , on balance amount tax rate is 12.5%
In this case interest u/s 234A, 234B, 234C will be applicable.
Additionally late fees us 234 F will be applicable since your total income is more than 500000 so late fees will be Rs. 5000
And if you do not file ITR upto 31/12/25, then u have to file ITR U which u can file upto 4 years from the date of end of relevant AY that is upto 31/3/2030
But you have to pay additional tax in that case of ( tax + interest amount) that rates are as follows -
If filled upto 31/3/27 - 25 %
If filled upto 31/3/28 - 50%
If filled upto 31/3/29 - 60%
If filled upto 31/3/30 - 70%
Thanks and regards
CA Abhishek khandelwal
In case of any other query u can reach me out.
CAclubindia
