Advance tax payment

[sherlock]

I made a profit of Rs 73725.13 last year on selling equity shares after IPO allotment. This was around 9th July 2024. Since the equity shares were held for less than one year, the profit/gains would be classified as STCG on which no exemption is available, unlike LTCG.I sold these shares in early July when the STCG tax was 15%. From 23rd July, the STCG tax was revised to 20% but it is not applicable for me as I made profits before this date.

Do I need to pay this tax of Rs 11058.7695 (73725.13 * 0.15)? If yes, do I need to pay all this tax as an advance tax before March 31 2025?
I have not yet received any intimation from the IT department for any taxes to be paid.

References:

Advance Tax Payment: Due Dates, Calculator, Applicability, Procedure, Installment Details

Advance Tax Payment Online: Due Dates, Calculator, Applicability, Procedure, Installment, Rates, Penalty - All you need to know. Know what is advance tax, who should pay it, how to calculate advance tax and due dates for advance tax payment.

cleartax.in

Guide to Advance Tax Filing in India for FY 2024-25

Learn about advance tax filing in India for FY 2024–25, eligibility criteria, due dates, and payment schedule under the Income Tax Act.

www.india-briefing.com

Taxation for Investors – Varsity by Zerodha

This topic explains how long term and short term capital gains/losses are determined based on the holding period of the investment and their applicable tax rates. We also studied how one can reduce LTCG tax liability through indexation.

zerodha.com

How is interest penalty calculated if you don't pay advance tax

Many people assume that skipping advance tax isn’t a big deal because the penalty is just 1% per month. But this small percentage can add up over time. If you don’t pay advance tax and wait until the time of filing your ITR, you won’t just be paying your tax liability—you’ll also owe additional...

qna.tax

 

[AlgoTrader]

You should have paid this 11k as advance tax before sept 15th, but paying before end tomo is better than paying it during filing

 

[desiviru]

The last date for paying advance tax for AY25-26 was March 15th, 2025.

Advance tax dates are 15th June, 15th Sep, 15th Dec, 15th March for a FY.

Since you booked in July, you shou;d have paid atleast 15% of it (total estimated tax) by Sep 15 itself.

Now if your income isn't taxable for FY24-25, you need to to worry. But if it is then see whether you have any TDS in 26AS as that would cover it.

If you are having more than 10K tax liability and no tax paid till now, be ready to pay penalty under section 234 a, b, c, d whatever applicable.

But as another person pointed out, it's always better to pay before March 31st rather than waiting for it till July in case tax liability is high. 🙂 Still you be charged penalty for paying between Mar 16-31 under section 234 (C). More the delay more will be interest accumulation on liability.

 

[JSK111]

You have to pay advance tax only if your overall tax liability is more than 10k.you can pay advance tax by 31st Mar. After that you have to pay penalty on that.

 

[desiviru]

You have to pay advance tax only if your overall tax liability is more than 10k.you can pay advance tax by 31st Mar. After that you have to pay penalty on that.

Let me correct you. As I already pointed out in previous post. Advance Tax payment between Mar 16 - Mar 31st attracts penalty under section 234C. Only till March 15th, it carries no interest payment. After March 31st, you will have to pay penalty of 234C + 234B that starts from April 1st. So delay always add up more interest.

But if your tax liaibility is less than 10K or even if it is more and TDS was deducted and deposited against your PAN, you have to calculate accordingly.