Can anyone confirm if full time traders have the need to file advance tax every quarter? Or is it okay to pay before the July 31st deadline?
Yes. Advance tax is to be paid every quarter irrespective of the nature of business. Instead of paying the advance tax on the estimated turnover for the financial year, one can pay the advance tax on the gains from trading on each quarter.
Thanks @aravindvlad, would you happen to know anything about AMT which has to be paid if adjusted total income (in the case of individuals, calculated after adding back deductions u/s 80AI to 80RRB, 10AA, 35AD etc to income from trading and other sources) exceeds 20 lakhs?
So after payment of advance tax in all four quarters(assume last payment made on 15 March), and profits are somewhere around 30 lakhs, will I have to calculate AMT and pay the remaining amount by July 31?
I’m not quite sure about AMT. I hope someone else answers that.