Advance tax pay using Quicko

Taxation
1

Hi,

  1. I have losses in FnO, and gains in STCG. Do I need to pay advance tax?

  2. When calculating advance tax owed, is it right to deduct prior year losses (carry-forward)? Just want to avoid late penalties.

  3. In Quicko, I could import Tax P/L from Zerodha and see my tax in “Tax P/L” tab. But the “Advance Tax” tab has no data. How do I use Quicko to import loss from previous year, compute and pay advance tax?

Thanks,

2

There will be Income tax on STCG as its from separate head ‘Income from Capital Gain’. Its your choice whether to pay advanced tax or not but if you didn’t, you will have to pay a little extra amount.

In my opinion, no, as three installment dates have already passed, and you will need to calculate advanced tax with interest.

I don’t know about Quicko’s functionality, but you can download the form from the ITR website and take a look at it, or wait for a response from a geek regarding Quicko’s functionality.

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3

Hey @247NH,

  1. Advance tax needs to be paid if your total tax liability in the entire year exceeds ₹10,000.
  2. Yes, you can deduct carry-forward losses(if any).
  3. Here’s a guide on how you can calculate advance taxes on Quicko.

Hope this helps!

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4

Hi, Thanks for the answers.

It would help if Quicko auto-computes Advance tax (instead of us manually entering gains, and of course taking slab rate as input).

Last question:

If someone makes 10L in last quarter, and if thats the only income for the year, is the filer still expected to make advance payment in 1st quarter for the last quarter income? In other words, onus of guessing annual income accurately lies with filer?

Thanks,

5

Hey @edude,

There are multiple other factors like deductions, other incomes etc, that are taken into consideration while calculating advance tax. Hence, we do not auto-populate them as of now.

However, we are working towards a newer version of the product where we have taken the feedback into consideration.

With regard to your query,

Yes, you are required to estimate your earnings for the entire financial year and advance tax needs to be paid on the same.

Here’s a detailed read on advance tax that might help!

Hope this helps!

6

@Quicko It is not compulsory to pay advance tax. ITD won’t sue for not paying advance tax. The only thing that will change is tax liability (advance tax + interest on failing each installment + interest on failing to pay income tax; remaining advance tax after the financial year end + interest on failing to pay income tax after the due date, if any).

Its your choice whether to pay advanced tax or not but if you didn’t, you will have to pay a little extra amount.

It was only answer to the question asked.

  1. I have losses in FnO, and gains in STCG. Do I need to pay advance tax?

The words of him are like he is not having significant losses, and he have to calculate advance tax with interest. So, I share my sole opinion for his advance tax. He would filtered out many things related to it by now if his losses would be significant. But if your statement was for other too then I agreed with your statement.

Thanks for it. Hope it has function to calculate advanced tax with crypto.

1 Like
7

Does that mean, if my tax liability for an FY is more than 10k I have to pay advance tax?

8

Hey @themanishshaw,

Yes, you are liable to pay advance taxes if your tax liability exceeds ₹10,000 in the financial year.

Here’s a detailed read on advance tax that might help!

9

Taxation is such a irony, the govt can’t trust us for a matter of 10k while we hand them the economy worth trillions of dollars :upside_down_face:

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