- Salaryman with income 6L
- 1 fixed deposit
- saving account interest is less than 10000 Rs
- No business income/stcg/ltcg/or any other income.
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?