Hi, consider a person bought and sold shares in a particular financial year. In that F.Y, in April this person had a loss of Rs.3400, in May he had a profit of Rs.54000 and in June he had a profit of Rs.4700. From July he began to incur loses. In July itself, he made a loss of Rs.2 lacs. And he just increased his losses from there. At the end of F.Y his loss from share activities stood at Rs. 6.7 lacs. My question is whether this person was liable to pay advance tax because he was in profit for the 1st 3 months? This person was also in profit in month of September, he made Rs.10000 in September (just in September, overall he was in loss).
I would like to add that this person was in a job at that time and employers deducted T.D.S from his salary regularly. But that was for his salary income only.
Thanks.
CAclubindia
