do i need to pay advance tax on short term capital gain from shares (online trading) if tds is already deducted on professional fees received and my total income doesnt exceed the tds paid including capital gain.
e.g. if i have Rs. 200000 professional income tds on the same Rs. 20000
Capital gains short term Rs 50000
other sources Rs. 30000
Lic rs. 50000
Then do i need to pay advance tax on capital gain.
Dear Tejal
As per section 208 of income tax act 1961 :- A person shall be pay advance tax if such amount of advance tax payable is more than INR 10000 in any financial Year.
As you mentioned
- your short term capital gain is Rs. 50000.00
Less .. TDS Rs. 20000.00
Tax Payable Rs. 30000.00
Need to deposit advance Tax Rs. 30000.00 on or before due dates as the case may be.
Short term gain is Rs.50000/-
tax on the same is Rs.7500
Than Dear
You need not to pay advance tax. B.coj you have already been deposited Rs. 20000 as TDS to Govt.
Second case : Deduction under chapter VI A claim ( In your case LIC claim)
(2) Where the gross total income of an assessee includes any short-term capital gains, the deduction under Chapter VI-A shall be allowed from the gross total income as reduced by such capital gains.
Agreed with Vishal Goel.
CAclubindia
