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Non Payment of Advance Tax
One of my friend has only Capital gain income for the AY 2018-19. And it's not long term. It's kind of speculation. He has not paid any Advance Tax for the AY. What is the consequences of non payment of Advance Tax ? He suspects that his tax liability crosses the limit of Rs. 10,000. He wants to pay the entire tax liability before July 31st while filling Return of Income. Is it only the payment of interest or is there any Criminal liability for non payment of Advance Tax ?
Replies (5)
in addition to tax on long-term capital gain, you have to pay interest under 234b and 234c
@ Rama Krishna. Is there no criminal liability for non payment of advance tax ?
no they can't initiate any criminal proceedings
Thanks a lot @ Rama Krishna for your answer.
welcome Mr. Akash , try to pay self assessment tax asap to minimize interest
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