I have already filed ITR for the year FY 2023-2024 with carry forward LOSS of RS. 511564.
In current financial year FY 2024-2025) I sold shares with LTCG of 616000.
Based on above, kindy advise on below:
1). How much tax should I pay as LTCG in the FY 2024-2025.
2). Is it mandatory paying advance TAX in my case.
I anticipate that I can make profit of approximately RS. 360,000/- in the FY 2024-2025 from Option Trading, should I pay Advance Tax for the FY 2024-2025. Please note that I have no other income except Dividend from stocks.
It will depend on whether the FY23-24 loss was LTCL or STCL or F&O business loss or some other.
It is advisable to pay adv tax; however if that is a headache to calculate, just pay final tax due with some acceptable level of penalty.
Can you clarify what is the type of carry-forward loss for FY 2023-24? Because rules for setting off losses are different for different types of losses.
You can only set-off your short term losses of FY 23-24 against long term and short term capital gains but the same years long term losses can only be set off against long term capital gains of FY 24-25 (current financial year).
Hi @Shrutika_Shah ,
I did not file the trading losses of FY23-24 in AY24-25. what I have to do?
For the FY24-25 I have made 3L and I am salaried and , I don’t know about advance tax, what I have to do? I have upgraded my plan Quicko subscription. I need help in filling the tax.
while getting started in Quicko, it is taking to tax computation to Financial Year 2023-24 with penalty of ₹ 7,994. but I have already filed the income tax of FY 2023-24. I request Quicko to guide me.
Since you had not filed trading losses in FY 23-24, now you have to pay tax on profits you make in the coming years.
In this scenario, you have made 3L in FY 2024-25 and you are salaried too, you have to make payment of advance tax. ITR filing of current financial year will happen post March 31, 2025. However, if you do not pay advance tax now, you will incur a interest of 1% per month till the date you pay the tax on income.
We can help you to calculate and pay advance tax using the below link:
I have short term capital losses from US stocks investing of around 1.2 lacs. Can I setoff the short term capital losses from US stocks against short term capital gains in Indian stocks?