It - sep15 deadline - payment of advance tax

Tax queries 400 views 2 replies

Harsha

Software professional

214 Points Joined May 2011

Dear Experts,

As the Sep15 Deadline is nearby, I have a query on payment of advance tax for STG (short term gains) from stock trading. After a long time, in this cycle I have some gains! But the amount of gains is far less than my accumulated losses in the previous years.

I assume that I need to pay any advance tax for STG only when my gains surpass the total previous losses. So what is the correct legal position on this matter?

Also as I am unemployed, I am not getting any major income apart from some Bank Interests.

Please clarify.

Regards,

Harsha Vardhana R

Replies (2)

Jaikishan

168 Points Joined May 2012

Short term capital gains can be offset only under short term capital loss not against long term capital loss As per section 74 of income tax act.Hence the liability of stcg will arise. However you can wait till 31st march if any other short term loss could arise so that you don't have to pay any liability