Hello @S_P
Tax paid on or before 31/03/2021 will be considered as advance tax for FY 2020-21. So a trader can determine the profits between 15th March to 31st March and pay the tax on 31st March, there will be no interest levied.
Hope this helps!
In my case total turnover is 70lakh and gross profit is -1000
I do not want to carry forward this loss.
-
Is Audit required?
-
Do I still need to file ITR for the same?
Looking forward to your reply.
Hi @TEst_Netflix,
Tax audit is applicable when:
- Turnover is above the threshold limit
- Profit is >=6% of the turnover
You can use this tool to determine if tax audit is applicable to you:
It is always a good practice to file your ITR and report all your financial transactions to avoid notice from the Income Tax Department. Especially after the SEBI and CBDT’s data partnership. If your total income is below the basic exemption limit, you won’t have any tax liability.
Do I have to pay Advance Tax if the TDS for the year is sufficient to cover tax liabliltiy?
Does Dividend on equity shares attract separate Advance Tax or is it just another source of income?
Hi @vivek25,
You are liable to pay advance tax if your total outstanding tax liability for the financial year after TDS is above INR 10,000.
To calculate your advance tax liability you need to add your estimated income for the financial year from all sources including - Salary, House Property, Capital Gains, Business & Profession and other sources.
Next, subtract all eligible deductions, expenses, and Tax Credit available to you.
Now, if your outstanding tax liability is above INR 10,000, you need to pay advance tax to avoid penalty u/s 234B and 234C.
Hope this answers your query 
You can also use the advance tax calculator to know your advance tax liability under the old and new tax regime
https://tools.quicko.com/advance-tax-calculator/
1 Like
Hi
When I pay the advance tax through the ZERODHA-QUICKO platform, does it get saved/stored? For example I have paid for Q1. so when I have to pay for Q2, will this be automatically calculated?
Thanks
I have paid the Advance tax of Q1, but didn’t received any email from income tax portal! So, Is that normal? I received the Challan No. receipt, but no email from IT portal!
Hey @Gaurav,
Once you pay the Advance Tax, you have an option to download the challan. In case you missed downloading it, the tax credit for the same will be reflected in your Form 26AS.
2 Likes
Hey Girimon_Vasudevan,
When you pay advance tax through our tax planner app, you should download the challan and then you
need to add the it the advance tax toggle under the tax credits in the tax planner tab to see your tax credits reflected in the appropriate quarter.
1 Like
@Nireka
Thanks. I have done it for the current year.
I did not do it for the last year. How can I add it now?
If you missed paying advance tax last year, then the interest penalty may be applicable u/s 234B & 234C.
You can pay that as along with your self-assessment tax the filing your Income Tax Return
Sorry, I didn’t miss the payment. I missed to add it in the tax credit on your portal. I am unable to add it now.
@Girimon_Vasudevan, once you login to the Tax Planner navigate to Tax Planner > Income Situation > Tax Credits to add the tax credits.
If you face any issue can write to us at help@quicko.com and our team will be happy to assist you.
I am referring to last FY. Are you also on the same page? I have updated for the current year. Anyway I have written to help@quicko.com
Thanks
I’m a freelancer who received payment receipt on January 2022. When I add this amount as advanced tax, its showing that I have to pay a penalty.
Am I entering incorrectly or should I report this income for FY 22-23?
Im confused as this is the first time I have started freelancing.
Regards
Hey @Syed_Saad
You don’t have to pay any penalty.
In the Jan-Mar quarter you have to pay 100% of income tax payable, on your income throughout the year, on or before 15-Mar-22 to avoid penalty.
Use this tool to calculate Advance tax payable.
You can read more about advance tax here.
Hope this helps. 
1 Like
Background:
- Salaryman with income 6L
- 1 fixed deposit
- saving account interest is less than 10000 Rs
- No business income/stcg/ltcg/or any other income.
Question:
If i bought stocks from recognized exchange, today for 5000 Rs, and decide to sell it in Feb 2022, no matter what. I estimated that i will be selling stocks for an amount, for which i will have net tax liability (excluding TDS from salary, which is already paid by employer) of 20000 Rs. Based on that, I paid advance tax installments as per the percentages for three times.
So, the installments will be,
- 15% of 20000 = 3000 Rs.
- (45% of 20000 ) - current_paid = 9000-3000=6000.
- (75% of 20000) - current_paid = 6000.
Now, I have to pay remaining 5000 in fourth quarter.
But when i sell the stocks, the selling price was higher than my estimation, which increased my net tax liability to (assume) 100,000 Rs.
Now considering first advance tax pay, since 15% of 100000 = 15000 is greater than (already paid) 3000Rs,
- will i face any penalty, if yes, then what would be my penalty OR how will the penalty calculated, in the above case ?
- will i possibly receive any Notice from IncomeTax department ?
- how should i pay tax the fourth time? is it different from normal process.
- do i need to contract a lawyer/accountant for the fourth payment, eg: 3rd party audit?
- say, if i use any online service for stock investment(eg, zerodha/upstox) for above case, can quicko, pay(or, show calculations for) tax and do the itr filing as well?
Hi @Ivan
- Yes if there has been deferment of advance tax, interest shall be levied u/s 234C which shall be 1% per month or part of the month on the amount deferred.
- If you don’t pay the amount of interest and file your return then you may receive demand notice for the unpaid amount.
- You should pay the balance amount of tax in the fourth quarter.
- For payment of advance tax you don’t need to consult a lawyer/accountant. However, if you need help in the calculation of advance tax you can take the help of an expert
- Yes Quicko can help you with the calculation of advance tax and ITR Filing.
We’ll be happy to help.
You can check out our Advance Tax Calculator, or reach out to us on Quicko | Contact Us so someone from our team can get in touch with you?
Hope this helps 