I have got a ITBA Issue letter to my email id which is registered to incomextax portal and the contents in the letter as below.
Subject: Payment of Advance Tax - Letter As per section 211, all the assesses (Corporate as well as non corporate) will have to pay advance tax in 4 instalments w.e.f. 01.06.2016 as given below. On or before - 15th June -- 15% On or before - 15th September -- 45% On or before - 15th December -- 75% On or before - 15th March -- 100% 2. Further, as you are aware, as per the provisions of Sec.209 of the I.T.Act, 1961, you are liable for payment of advance tax for the F.Y.2020-21. The fourth instalment falls due on 15.03.2021. Hence, you are requested to make the advance tax payment before the due date without deferring the payment with a view to pay the same as self assessment tax to at a later date, for the A.Y.2021-22. 3. You are further requested to furnish a copy of the challan evidencing the payment of advance tax for fourth instalment on or before 15th March, 2021 to the undersigned for record purpose.
My understanding is IT department is asking to pay advance and submit the advance challan of payment. is my understanding correct ?
My Source of income is Futures and options trading and I don’t trade in Intraday equities, for the last two years and I was paying advance and filing income tax with out any issues with the help of quicko.
This is year (FY 20-21) is not same as previous years for me. I was not active in the FnO trading due to personal issues and that little trading activity has losses and I’m not in profits this year FY20-21.
Considering the above letter issued to me what can be done from my side.