So I’m in a situation where I have to decide the trade off between paying advance tax right now or delaying it till late March or till the date of filing(suppose 31st June)
And I would be able to do that if I get a rough idea about the penalty. I have the details but I’m not able to figure it out.
So the details are -
6 lakh professional income out of which 5k is being deposited by the organization every month. So 60k tds.
Assume 15 lakh option trading profits. (I’m at around 10 lakh right now)
So total income of 21 lakh and tds deposited is 60k. I can show 5 lakh expenses. So taxable income can be taken as 16 lakh. Assume new taxation scheme and no popular deductions.
What will be the interest/penalty if -
I pay tax on 31st March
I pay tax on 31st June