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Payment of advance tax

18 December 2016

This Financial Year I will not have income above INR 2.5 Lacs, though bank will deduct TDS of around INR 13,500 on Bank FD and I am liable for Short Term Capital Gains tax on profit from Equity Shares sale which comes to INR 6,000 per this Fiscal Year.

There is no other source of Income.

Want to know if I am liable to payment of Advance Tax?

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4 Replies

ankita gandhi (student) (5908 Points)
Replied 18 December 2016

As there are just these 2 income
1 Interest from bank FD
2 Capital gain from equity shares
If so then u don't need to pay advatax but yes file retuen as u are having refund.

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Mukesh Kumar (Accounts Manager) (1466 Points)
Replied 18 December 2016

ANKITA JI IS RIGHT ,,,,,,,,,,,,,,,,,,,,,,,,,,, ANOTHER VIEW IS THAT YOU ARE NOT LIABILE TO PAY ADVANCE TAX IF YOU PAYBLE TAX IS LESS THAN 10 THOUSAND. ,,,,,, GOOD LUCK!

Pulkit Jain (none) (69 Points)
Replied 19 December 2016

As per the provisions of the income tax act, a person can pay its due income tax by following an appropriate procedure. Due to income tax can be made by the online procedure. Below mentioned procedure should be kept in mind for paying your due income tax.

If a person wants to pay its due income tax then he has to select challan no. 280.
Under tax applicable column you have to select income tax for making payment.
Then a box will appear. Personal details like address, email ID, phone number needs to get filled.
Next step is to select your assessment year and fill tour PAN card details.
Do keep in mind to select the correct assessment year for income tax return filing.
Bank details and captcha code needs to get filled at the same time.
Self-assessment tax option can be selected in case your financial year has ended.
Advance tax payment should be paid annually in the financial year timely. To avoid penalties tax payment should be timely made.
A net banking page will open up. You have to check that all information provided by you is correct or not. After this enter the amount you needs to pay in the income tax field.
Filling the column of a surcharge, education cess is not mandatory.
After making payment of your income tax report it to income tax department.

Type of income

(100) ADVANCE TAX:

If you want to have a regular payment of advance taxes then this option should be selected.
(300) SELF ASSESSMENT TAX:

If you are paying taxes after the end of the tenure of one financial year then this option must be selected.
(400) TAX ON REGULAR ASSESSMENT:

Tax on regular assessment should be selected if a demand has been raised by income tax department themselves.

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