This year apart from TDS deducted by bank on Fixed Deposit I will have to pay Short Term Capital Gains Tax on equity profit and has no other kind of tax to be paid. I require to know when I needs to deposit this Short Term Capital Gains Tax and how is it adjusted again TDS refund which I will claim in ITR next year?
If your estimated total tax liability for the current financial year exceeds Rs. 10000/- after adjustment of TDS deduction, you are liable to pay advance tax.
The STCG can be adjusted upto basic exemption limit. Only over and above it shall be taxable @ 15%
The TDS that bank will deduct is around INR 13000 and deposit with tax department. Now do I need to pay STCG tax in advance? There is no other tax that I need to pay.
TDS deducted by bank is over FD interest earned @ 10%. That doesn't cover up your STCG liability.
V.K. Ranjan & Co(Chartered Accountants)
New Delhi
B.Com
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Naveen Fintech Pvt Ltd
Kolkata
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SSGS and Associates
Chennai
CA Inter
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YOGESH KAPOOR AND ASSOCIATES
New Delhi
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