Income Tax on Profit from Sale of Shares

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  1. kasthurirangan

    kasthurirangan New Member

    Sir,

    I am salaried employee and paying tax monthly. I bought a share in August and sold in October. How I have to pay tax on profit of shares.
     
  2. Neha Sharma

    Neha Sharma Active Member

    As you held the Share for less than 12 months, the profit that would arise on sale of such share would be considered as a Short Term Capital Gain.

    Tax on Short Term Capital Gain on sale of shares is taxable at a flat rate of 15%
     
  3. kasthurirangan

    kasthurirangan New Member

    thanks for your reply. Pl. tell me how to pay tax
     
  4. Neha Sharma

    Neha Sharma Active Member

  5. kasthurirangan

    kasthurirangan New Member

    My tax works out to Rs.153. How i have to pay tax.
     
  6. Neha Sharma

    Neha Sharma Active Member

  7. kasthurirangan

    kasthurirangan New Member

    Thanks mam. In the chalan the following columns are there. which col. i have to tick.
    (100)ADVANCE TAX
    (102)SURTAX
    (106)TAX ON DISTRIBUTED PROFITS
    (107)TAX ON DISTRIBUTED INCOME
    (300)SELF ASSESSMENT TAX
    (400)TAX ON REGULAR ASSESSMENT
     
  8. Neha Sharma

    Neha Sharma Active Member

    In your case, the option "Self Assessment Tax" should be selected.
     
  9. kasthurirangan

    kasthurirangan New Member

    thank u so much mam. What is the due date for payment of tax. I have sold shares during last week of Oct.14.
     
  10. Neha Sharma

    Neha Sharma Active Member

    This tax should be paid before 15th Dec.

    In case of non-payment of tax before 15th Dec., Interest @ 1% per month would be levied for late payment.
     
    maheshn77 likes this.
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