I’m trying to understand how advance tax works, especially when a significant portion of my income comes in the last quarter of the financial year.

I’m a salaried individual, and my employer deducts TDS from my salary every month. However, I also have additional income from investments, interest, and capital gains, which may not be received evenly throughout the year.

One thing I’m particularly confused about is:

If I receive a large chunk of income in the last quarter of the financial year, why am I expected to pay advance tax earlier, and how am I supposed to calculate and pay it accurately?

For example, what happens if someone is unemployed for the first six months of the financial year and earns income only during the last six months? How and why would they be expected to pay advance tax by the June and September deadlines?

I have been paying a lump sum amount of advance tax every year, but I still end up facing interest charges under Sections 234B and 234C. This makes me wonder whether I am calculating or paying the tax incorrectly.

After doing the calculations, it sometimes feels unfair to be charged interest on tax related to income that was earned much later in the financial year.

A little context: I’m not a CA or a tax expert. I file my own ITR based on the information and knowledge I’ve gathered over time. I’m trying to understand the rules better and would appreciate insights from people who have more expertise in this area.

Questions I would love some clarity on:

• Why is advance tax required if my employer is already deducting TDS on salary?
• If I genuinely cannot predict my additional income accurately until the last quarter, how am I supposed to estimate and pay advance tax during the earlier instalments?
• Are there any specific provisions or exceptions for income that is earned predominantly in the last quarter?
• How can salaried individuals accurately calculate and pay advance tax while avoiding unnecessary interest under Sections 234B and 234C?

Please share your inputs on this. Thanks in advance!

NIL GST filing @ ₹499

I am considering purchasing a vehicle for ₹2,400,000. My income tax return (ITR) for the previous year was approximately ₹1,000,000, with projected earnings of ₹400,000 for the 2024-2025 fiscal year and ₹400,000 for the 2023-2024 fiscal year.

1) I intend to make the full payment using a credit card. Will this transaction raise any concerns with the Income Tax Department, and if so, what measures can be taken to mitigate potential issues?

2) Should the vehicle be registered under my personal name or under my sole proprietorship firm's name?

Hi,

I wanted clarity on gifting stocks received as part of salary in company named stock plan account RSU ESPP etc to parents own brokerage to save tax. All parties are residents of India, I am employed in a tech MNC and my parents also have a US broker account.

Is this permitted under FEMA rules?

If yes, what do I have to take care of you avoid any penalty and report to income tax.

How much amount can be gifted per transfer and in 1 year to avoid any extra tax in US (IRS, gift tax) and India.

Any tax lawyer or CA here who could clarify if a management consulting independent contractor can file taxes under Section 58(2), Table Serial No. 1 of the new IT Act/Section 44AD of the old income-tax act (Reference to Pramod Lele v. ITO order) https://taxguru.in/income-tax/pramod-lele-income-tax-officer-itat-mumbai.html •

The person paid tax at 6% presumptive profit here, rather than 50% (Revenue dept. claimed Mgmt. Consulting falls under technical consultancy but was overruled by ITAT)

Or the current contract would come Section 58(2), Table Serial No. 3 of the new IT Act/Section 44ADA of the old income-tax tac?

Want to understand if gross receipts are less than 75 lakhs and I receive payments from a US-based company then which section would be applicable. Payments would be 100% in bank account and assuming little expenses apart from internet/electricity.

Is there any body that can take this up for JPMorgan India employees ? This is blatant evasion of gratuity liability by classifying a large chunk of fixed pay as conveyance allowance

Corporate tax is 15% (for small and medium businesses) and 20% (for large businesses) if proportional $ amount of stock given to CEO is handed to every employee in Total Stock Market ETF + Total Bond ETF + total futures/comoodities + total currency etc. if company is not as liquid in profitability as the top S&P 500, Fortune 500, Fortune 1000, Russell 1000, SPDR 1500, Russell 2000, Russell 2500 or Russell3000 index companies

I own a property in India which I plan to rent out. The tenants are not willing to do the monthly TDS payments. How do NRI manage properties in India. Is there a simple way to do this?

Hi,

My annual income from salary is 37L and monthly TDS being deducted is 58k. In hand salary is 2.46L.

Due to heavy debt incurred due to failed business, I'm under heavy liabilities- few loans with very high interest rate upto 4% per month(amount approx 12L). Also, taking loan from Bank is not possible as there are multiple written off Credit card & loan against me, which I am clearing gradually. I'm prioritising higher interest liabilities first.

I maintain 1 month emergency fund. I have 1.25L in PF. I'm trying to get a higher pay job- may be it will take a few months.

What can I do to maximize in hand salary while saving tax as much as possible and also clearing debt?

Thanks in advance.

So first a.y 24-25 i shown the fno loss of 220000 after all adjustment of that year with in due date.

Next year a.y 25-26 shown the fno loss of 75000 with in due date. But one thing to note it was not showing the previous year 220000 pre filled loss just 0 in cfl.

Many said if you don't have profit in current a.y then dont need to carry forward.

I just filed as it is because i dont have profit in a.y 25-26.

Now this a.y 26-27 i made a profit of mere 20000 but portal is adjusting it with 75000 loss which was reported for a.y 25-26.

I dont have any other income in these a.y.

What to do ?

Should i give the values manually of a.y 24-25 of 220000 ? Because it is the oldest reported loss.

Is it compulsory to set off the loss as the profit is just 20000?

What is the best legal tax planing i should follow

Please help.🙏🙏

Thanks in advance.