• Did not pay advance tax

I did not pay advance tax for fy 2020-21. Should have paid. 

I am a stock market trader & also have mf capital gain & dividends & savings acc interest. 

If I pay whatever I think is due for fy 2020-21 now itself, will it be paid as advance tax?

If not then under what category to pay it?

 I am hoping some amount of fine will reduce as a result when I file my return in June.
Asked 1 month ago in Income Tax

- It will be paid under self assessment tax. Yes it will save some interest.

Vivek Kumar Arora
CA, Delhi
4079 Answers
346 Consultations

5.0 on 5.0

Hi

 

You can pay now to reduce interest.

It has to be paid as self assessment tax now.

Lakshita Bhandari
CA, Mumbai
5475 Answers
551 Consultations

5.0 on 5.0

Hello,

 

It will be paid as Self Assessment Tax now. Paying now would reduce the interest liability.

 

Regards,

CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2555 Answers
9 Consultations

5.0 on 5.0

Hi

 

Yes it will reduce your interest liability it will be called self assessment tax.

Karishma Chhajer
CA, Jodhpur
2391 Answers
22 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

It will be paid as self assessment tax using the challan 280.

 

Yes, paying now will reduce the interest liability.

 

We may assist you in entire procedure.

Payal Chhajed
CA, Mumbai
5084 Answers
157 Consultations

5.0 on 5.0

You may pay it as Self Assessment Tax.

Ruchi Goel Anchal
CA, Gurgaon
447 Answers
5 Consultations

5.0 on 5.0

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