Wae Jing Lonthaw (Others) (341 Points)
12 November 2016This year apart from TDS deducted by bank on Fixed Deposit I will have to pay Short Term Capital Gains Tax on equity profit and has no other kind of tax to be paid. I require to know when I needs to deposit this Short Term Capital Gains Tax and how is it adjusted again TDS refund which I will claim in ITR next year?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(172406 Points)
Replied 12 November 2016
If your estimated total tax liability for the current financial year exceeds Rs. 10000/- after adjustment of TDS deduction, you are liable to pay advance tax.
The STCG can be adjusted upto basic exemption limit. Only over and above it shall be taxable @ 15%
Wae Jing Lonthaw
(Others)
(341 Points)
Replied 12 November 2016
The TDS that bank will deduct is around INR 13000 and deposit with tax department. Now do I need to pay STCG tax in advance? There is no other tax that I need to pay.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(172406 Points)
Replied 13 November 2016
TDS deducted by bank is over FD interest earned @ 10%. That doesn't cover up your STCG liability.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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