Zerodha co-founder and chief executive officer Nithin Kamath advised traders to file taxes on time before the March 15 deadline using a quick guide to file taxes on the stock broker platform. On social media platform X (formerly Twitter), Nithin Kamath said. “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."
Read more: Income Tax department on error after advance tax notices: ‘Wait for updates’
What Nithin Kamath said on taxes
He added, “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."
Explaining how profits from futures and options (F&O) and intraday are considered as business income, he said that traders have to estimate their profits for the entire financial year.
Read more: Advance tax liability: You need to pay advance income tax by this date to avoid penalties
Zerodha's quick guide on paying taxes
To help filing of advance taxes, Zerodha posted a quick guide on its website. The link of the guide is here: https://zerodha.com/z-connect/updates. The guide includes a video featuring Quicko founder Vishvajit Sonagara who explains advanced taxes, misconceptions, estimating advanced taxes and how to file them.
Read more: Income tax refunds: Taxpayers to get pending refunds for FY2020-21 by April 30. Check your email
Income Tax deparment on advance taxes
The Income Tax deparment launched an e-campaign for the advance tax for FY 2023-24. It said, “The Income Tax Department has received certain information on specific financial transactions undertaken by persons or entities during the financial year 2023-24. On the basis of an analysis of the taxes paid so far during the current financial year, the Department has identified persons /entities whose payment of taxes for FY 2023-24 (A.Y. 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period."
{{/usCountry}}The Income Tax deparment launched an e-campaign for the advance tax for FY 2023-24. It said, “The Income Tax Department has received certain information on specific financial transactions undertaken by persons or entities during the financial year 2023-24. On the basis of an analysis of the taxes paid so far during the current financial year, the Department has identified persons /entities whose payment of taxes for FY 2023-24 (A.Y. 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period."
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