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Advance tax for share sale on March 31

Sri77 (Others) (52 Points)

09 April 2023

Hi,

I sold some unlisted shares on March 31st 2023 and received the proceeds in April. What is the rule for paying 'Advance Tax' for the gains from those shares. Since a new financial year has already started, should I pay the estimated tax as 'Advance Tax' or 'Self-assessment tax' to avoid interest/penalty.

Regards

Sri

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5 Replies

Sandeep Jain (Pivate) (1459 Points)
Replied 09 April 2023

Advance tax time period is lapsed

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sabyasachi mukherjee (27574 Points)
Replied 10 April 2023

Not necessarily.

Sri77 (Others) (52 Points)
Replied 10 April 2023

I definitely will have to pay tax on top of what has been paid through Advance Tax. Should I pay under "Self-assessment" category?

Just for information, I have already paid more than 90% of my tax liability (even after including the long term capital gains from the shares sold on March 31st) through advance tax.