12 December 2011
PLEASE CLARIFY WHETHER A COMPANY CAN ADJUST LONG TERM CAPITAL GAIN TAX PAYABLE WITH TDS ON INTEREST ETC? OR DOES IT HAS TO DEPOSIT TAX SEPARATELY EVEN THOUGH IT HAS SUFFICIENT TDS AMOUNT?
12 December 2011
LTCG Tax has to be set off from the TDS and the advance tax alredy paid. there is no need to deposit tax even if there is sufficient tds amount. I hope this concept shd not be confused with the setoff principle where long tern capital loss can be set off only from the LTCG.