WANT TO PAY ADVANCE TAX but have no gains till now


( i heard if we paid advance tax before those due dates .even if we make more money than  what we thought end of the year will be exempted from tax)

Hello sir

am an intraday trader.derivatives or equity longs too

dont have other income.only trade

dont know how much money i will make or lose

how much tax i should pay as ADVANCE TAX for this year.

{say i already given rs 50 for this year  (had no gains)but made 10 lakh total gains at the end of the year.do i still have to pay more tax or it will get exempt for this year }

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Suggest you to read through our module on taxation while trading on varsity. If you make gains during the last quarter, there is no way for you to predict that during the earlier quarters. So it is okay, you don't need to pay advance tax, make sure to speak to a CA. 

Here is some bit of advance tax from the above link

5.7 – Advance tax – business income

Paying advance tax is important when you have a business income. Like we discussed in the previous chapter, advance tax has to be paid every year – 30% by 15th Sep, 60% by 15th Dec, and 100% by 15th March. I guess the question that will arise is % of what?

The % of the annual tax that you are likely to pay, yes! When you have a business income you have to pay most of your taxes before the year ends on March 31st. The issue with trading as a business is that you might have a great year until September, but you can’t extrapolate this to say that you will continue to earn at the same rate until the end of the financial year. It could be more or less.

But everything said and done, you are required to pay that advance tax, otherwise the penalty is 12% annualized for the time period it was not paid for. The best way to pay advance tax is by paying tax for that particular time period, so Sept 15th pay for what was earned until then, and by March 15th close to the year end, you can make all balance payments as you would have a fair idea on how you will close the year. You can claim a tax refund if you end up paying more advance tax than what was required to pay for the financial year. Tax refunds are processed in quick time by IT department.

You can make your advance tax payments online by clicking on Challan No./ITNS 280 on https://incometaxindiaefiling.gov.in/

Also, here is an interesting link that helps you calculate your advance tax – http://www.incometaxindia.gov.in/Pages/tools/advance-tax-calculator.aspx. You can also check this link to see how exactly interest or penalty is calculated for non-payment of advance tax.

i will try to read them all but too much for me haha