Hey @Quicko,
I’ve some questions concerning your put up (https://zerodha.com/z-connect/common/everything-about-advance-taxes).
Within the above state of affairs, what if I make capital beneficial properties of one other 100 Rs in Q3. That makes my whole beneficial properties 250 Rs and my whole tax legal responsibility 37.5 Rs.
Received’t that enhance my advance tax legal responsibility in Q1 and Q2?
I paid 2.25 Rs advance tax in Q1 however would IT dept not anticipate me to have paid 5.625 Rs. (15% of 37.5 )? Will I’ve to pay curiosity on distinction?
Hello @jagira
As per Earnings Tax Act, advance tax on Capital Features is to be paid while you realise the revenue since you can’t estimate capital beneficial properties like different supply of Incomes. Thus, in your case, you’ll not be liable to pay curiosity penalty on the distinction quantity.
Thanks.
However the calculator for advance tax calculation in your web site (https://instruments.quicko.com/advance-tax-calculator/) adjustments advance tax liabilities for Q1 and Q2 once I add capital beneficial properties for Q3.