Can someone explain how to calculate advance tax? And can I deduct charges like STT, GST, brokerage, etc., while paying advance tax? And I did not pay advance tax in Q1.
Q1 (Apr-1 to Jun 30)
Intraday profit 1.31L
Short term realized profit 2.86L
Total charges 72.28k
Q2 (July-1 to September 1*)
Intraday profit 44.15k
Short term realized profit 3.33L
Total charges 50.43k
Hi @knight,
Yes, you can take the expenses incurred into account. Here’s a detailed read on how advance tax needs to be calculated: Advance Tax: Eligibility, calculations and due dates.
Let us know if you have any further way doubts.
Can I also just pay advance tax without any deduction and enter any deductions when I file my return at the end of year?
hey @knight ,
Yes one can always claim expenses and deductions later on while preparing and filing the ITR. In such case there is a probability that the assessee would have paid more advance taxes than required and thus will have an Income Tax Refund while filing the ITR.
Also STT is not allowed as a deduction against any Capital Gains earned.