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Regarding advance tax
Hi,
1) I need to pay some tax as part of my income for this financial year 2008-09. Do I need to use advance tax challan or self assessment tax challan and what is the challan number ?
2) Can short term capital loss ( from equity) int his financial year can be setoff/adjusted against long term capital gain or short term capital gain in next financial year ?
Replies (1)
1. U CAN PAY ADVANCE TAX BY 31ST MARCH, 09..........AFTER THAT U CAN PAY SELF ASSESSMENT TAX............AS LAST DATE FOR ADVANCE TAX IS 15TH MARCH BUT TAX PAID UPTO 31ST MARCH IS ALSO TREATED AS ADVANCE TAX................
2. YES.....! SHORT TERM CAP GAIN CAN BE SET OFF AGAINST LONG TERM CAP GAINS IN THE CURRENT YR.............IF NOT SET OFF WHOLELY THEN IT SHALL BE CARRIED FORWARD AND THE AFTER CARRY FORWARD CAN BE SET OFF AGAINST SHORT TERM CAP GAINS ONLY............
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