I have sold some shares recently and had LTCG. In this case do i have to pay advance tax. I am not a senior citizen and currently have no other source of income other than some dividend income.
5 Replies
Samantha J
(1236 Points)
Replied 12 May 2022
You must estimate your total income for the year. in case tax payable for the year is more than rs10000 then yes
sabyasachi mukherjee
(27574 Points)
Replied 12 May 2022
Tax is payable on transfer of capital asset not on estimates except in a business of holding stocks it's different.
As per accounting convention, revenue is recognized on actual realization.
As per accounting convention, revenue is recognized on actual realization.
G Verma
(>)
(147 Points)
Replied 15 May 2022
So in simple language, I calculated my LTCG tax on sale of stocks which is 90 thousand ( please note this is not gain its the tax ). In this case i have to pay 15% advance tax before 15th June. Correct?
sabyasachi mukherjee
(27574 Points)
Replied 15 May 2022
It's not simple language it is as per act and norms.
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