13 July 2022
If my Net Taxable Income solely comprising of Capital Gains is more than 2.5 lakhs but less than or equal to 5 lakhs then is tax liability Nil due to Rebate u/s 87A? If Tax liability is Nil then do i need pay Advance Tax on any of the installents if income earned is upto 5 lakhs??
14 July 2022
If your net tax liability is upto Rs. 10,000/-, after considering rebate u/s. 87A of IT act; you are not liable to pay advance tax. (for individuals below 60 years age)
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