Tax payment for debt mf

As you have not mentioned your gain is Short term or Long Term I am mentioning Two cases:::::::Short Term Capital Gain: The gain arises due to redemption of debt mutual fund within 3 year (earlier 1 year) shall be added in the income of investor and tax will be charged at the rate according to the tax slab.::::::::::: Suppose Mr. Sanyam has Income from house property Rs. 3 lacs and income from debt mutual fund Rs. 30,000. Then the total tax shall be 10.30% (10% slab rate + 3% Cess) on Rs.1,30,000 (Rs.3,00,000 + Rs.30,000 – Rs.2,00,000) i.e. Rs.13,390.:::::::::::::::::: Long Term Capital Gain: Selling of mutual fund units after holding for 3 years falls in the category of long term but unlike equity mutual funds, the benefit of exemption under section 10(38) is not available in debt mutual fund. Any long term gain arises from the sell/redemption of debt mutual funds shall be taxable at the flat rate of 20% (plus 3% cess) after claiming benefit of Indexation. ::::::::: As you have redeemed it in Aprill 2016 you have to use FY 2016-17 CII Index.

Thanks a lot, Shishir. It is a long-term redemption. Can you also help me with the other question?

Given I have not paid any tax for redemption yet, but more than 15% of my tax liability for this FY has been paid by TDS on salary, do I need to pay any interest or penalty when paying the tax before 15 September, 2016?

If you feel that your income tax liability is more than Rs.10,000 than you should pay Advance Tax which not less than 15% of Advance Tax liability on or before 15th June which have been already deducted as you said. The next due date of installment is On or Before 15th of September. So no need to worry, you will not have to pay any interest or Penalty.