Income Tax on Profit from Sale of Shares

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  1. maheshn77

    maheshn77 New Member

    please see attachment .. is it correct ?
     

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  2. maheshn77

    maheshn77 New Member

    estimated income from shares= 40000 (Short term)
    Total Tax @15% on above = 6000
    before 15 Sept pay 30% = 1800
    before 15 Dec pay 60% = 3600
    before 15 March pay 100% = 6000

    but if not paid @ 15 Sept then 1% on Tax for 2 months = 72
    Tax to be paid After 15 Sept &before 15 Dec = 3672

    if not paid @ 15 Sept & 15 Dec then 1% on Tax for 5 months = 120
    Tax to be paid After 15 Dec & before 15 March = 6120

    IS THIS CORRECT.??
     
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

    Please mention the date on which you intent to pay the advance tax and interest would be computed accordingly.
     
  4. maheshn77

    maheshn77 New Member

    i am going to pay tax on 12 december if possible.. or else i will pay on 10 march.. please help me whether my above calculations are correct or not ?
     
  5. kasthurirangan

    kasthurirangan New Member

    While I am trying to pay tax for the profit earned through sale of share (short term capital gain) in form 280 (self assessment tax) through internet, I have selected AY 2015-16. But it shows ""Assessment year cannot be greater than the current financial year for the type of payment selected by you"" Whereas when I select AY 2014-15 it says that ""FY is 2013-14 for the AY you have selected" . I am confused. pl. clarify.
     
  6. gaurav_kumar

    gaurav_kumar Well-Known Member

    @maheshn77 : If you pay tax on 12th Dec, Int @ 1% for 3 months would be levied on Rs. 1800 (i.e. Sept installment)

    If you pay tax on 10th March, Int @ 1% for 6 months would be levied on Rs. 1800 (i.e. Sept installment) and Int @ 1% for 3 months on Rs. 1800 (i.e. Dec installment)
     
    maheshn77 likes this.
  7. gaurav_kumar

    gaurav_kumar Well-Known Member

    @kasthurirangan : If you are paying Tax for the same year in which the income has been earned - you will have to select the option as Advance Tax instead of Self Assessment Tax.

    Select Advance Tax and select AY 2015-16
     
  8. kasthurirangan

    kasthurirangan New Member

    Thank u sir for immediate reply. Already I am govt employee and TDS recovered regularly. But I bought shares in August 14 and sold in October 14 and earned profit. In this case what I have to do?
     
  9. gaurav_kumar

    gaurav_kumar Well-Known Member

    @kasthurirangan
    As you are paying tax for the same year in which the income has been earned, therefore you should select the option as Advance Tax.
     
  10. kasthurirangan

    kasthurirangan New Member

    thank you so much sir, one more request. whether I can pay the tax next year sir for the profit earned, if so when I have to pay?
     
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