Should I pay advance tax fine on business started in December?
Hi I was a salaried employee till December 16 2016 and TDS was being deducted by my employer. On December 19th I became a freelance architect. Due to prior contacts I received good contracts and my total income from freelancing is now above 5lakhs and after applying section 44ADA it comes to around 3 lakhs.
I started trading on the stock market in February. Is the same applicable for those profits as well or is it different?
When I go to the income tax calculator on the government site it tells me that I have to pay a fine for not paying advance tax earlier. Do I have to pay this fine even if I became a freelancer after the advance tax deadline was over? I am going to pay 100% advance tax before March 15 though.
Relevant dates:
Starting freelancing: 19th December
Last month salary received: 9th January
First invoice generated for freelancing: 7th January
First deposit received for freelancing: 14th January
Advance tax dates:
30% before September 15th
60% before December 15th
100% before March 15th
CAclubindia
