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STCG TAX ON EQUITY SHARES

kunal (swo) (24 Points)

27 March 2020

If enough tax has been deducted on my Salary, then can i adjust this tds for paying off my stcg tax liability ?.
or do i need to pay 15% on stcg over n above my normal income tax liability ?
pls reply

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3 Replies

rama krishnan (12234 Points)
Replied 27 March 2020

Compute your total income including salary and stcg and determine the tax liability after adjusting the TDS. if any tax liability arises even after adjustment of TDS, pay the rest as advance tax before 31st March or as self assessment tax after 31st March to till the date of filing ITR

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kunal (swo) (24 Points)
Replied 27 March 2020

Thanks

Spurto Consultancy Services (Consultant) (1891 Points)
Replied 27 March 2020

Yes you can set off the STCG liability with the extra tds deducted by your employer. If after adjusting the TDS, the tax liability fall short then you have to pay the same along with interest u/s 234B/C.