Advance Tax on Capital Gain
This query is : Resolved
29 February 2008
Whether a person liable to pay advance tax on CG at the its accrual.what will be its implication in 234C
29 February 2008
YES, THE PERSON IS LIABLE TO PAY ADVANCE TAX EVEN ON ACCRUAL INCOME OF CAPITAL GAIN.FAILS TO DO SO WILL ATTRACT INTEREST @1% P.M
29 February 2008
Only on accrual basis
29 February 2008
Yes it will attract interest under 234c
But you can claim the exemption for the quarter in which it is not happened
suppose the capital gain is realised on 2nd qtr . then he / she need not pay interest for 1st qtr
But you can claim the exemption for the quarter in which it is not happened
suppose the capital gain is realised on 2nd qtr . then he / she need not pay interest for 1st qtr
13 March 2008
First find out the date of sale of the asset - to which quarter it falls- if it falls between 1st April and 15th of Sept - you shall pay 30% of tax due as advance tax before 15th Sept,30% before 15th Dec and 40% before 15th March
if it falls after 15 th Sept but before 15th Dec - you shall pay 60% of tax before 15th of Dec and 40% before 15th of March and if it falls before 15th of March - you shall pay 100% of tax before 15th March
if it falls after 15th of March but before 31st of March - then also you shall pay 100% of tax before 31st March of the year
INTEREST SHALL BE WORKED OUT AT 1% pm [OR PART OF A MONTH] FOR DEFAULTED INSTALMENTS
if it falls after 15 th Sept but before 15th Dec - you shall pay 60% of tax before 15th of Dec and 40% before 15th of March and if it falls before 15th of March - you shall pay 100% of tax before 15th March
if it falls after 15th of March but before 31st of March - then also you shall pay 100% of tax before 31st March of the year
INTEREST SHALL BE WORKED OUT AT 1% pm [OR PART OF A MONTH] FOR DEFAULTED INSTALMENTS
13 March 2008
COMMENTS WELCOME
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