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.
The total tax on my realized captain gains of IPO sold shares, without interest on advance tax, for me on STCG made before July 23 2024 (when STCG was revised to 20%) at the rate of 15 % is Rs 11056.8195
No capital gains till 15th June 2024 so 0 advance tax
I made realized capital gains in early July so advance tax till be Q2 cuffoff date:
Rs 11056.8195 * 45 % - advance tax paid in Q1= Rs 4975.568775 - 0 = Rs 4975.568775
(No new realized capital gains till the end of this FY on 31st March 2025.)
Advance tax on Q3 date :
Rs 11056.8195 * 75 % - advance tax paid in (Q1+Q2) = Rs 8292.614625 - Rs 4975.568775 - Rs 0 = Rs 3317.04585
Interest calculations for me due to having missed advance tax payment dates:
Interest on payment on payment by March 31st 2025: Rs 0 * 3% ( 15th June installment period) + Rs 4975.568775 * 3% (September 15th installment period even though the profits were booked on 9th July 2024) + Rs 3317.04585 * 3% (15th December 2024 installment period) + Rs 11056.8195 * 1% (15th March to 31st March 2025 period)
= 0 + 149.26706325 + 99.5113755 + 110.568195
= Rs 359.34661375
I should pay 11057 (tax) + 360 (tax interest) = Rs 11417