Ahead of the March 15 deadline to file advance taxes, Zerodha CEO Nithin Kamath has advised traders to file taxes on time while sharing a quick guide on the platform.
Taking to X, Kamath posted, “An important aspect of being an active trader is ensuring you file your taxes on time. But most traders ignore this and end up with notices."
"March 15th is the deadline for filing advanced taxes, and many traders think that it may be applicable to them. If you have an estimated tax liability of ₹10,000 in the form of capital gains, then you have to pay advance taxes," the co-founder of the stock broker platform added.
"Profits from F&O and intraday are considered business income, and you will have to estimate their profits for the entire financial year and pay the applicable advance taxes as per the four installments. BTW, we've made this easier for you with all the tax-ready reports on Console," he said.
How to file advance taxes?
- Visit I-T department's e-filing portal
- Click on e-tax portal
- Enter PAN in the given box and re-enter it to confirm the same
- Enter mobile number; click on Continue
- Enter six-digit OTP received on your mobile number; click on Continue
- Click on proceed under the first box labelled Income Tax
- Select assessment year as 2024-25 and select type of payment as Advance Tax; click on Continue
- Enter all the text details; click on Continue
- Select a suitable payment method; press continue
- Preview the details on the next screen
- Click on pay now
- Once payment is complete, an acknowledgement will appear on the next screen; save this text receipt for future reference and while filing ITR
