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How And When To Pay Tax On Sale Of Gold?

If you have sold gold at a profit, you need to pay tax on the same. In case the amount of profit is high, it would be better to advance tax. The advance tax liability is paid when the amount of tax liability is more than Rs 10,000 or more in a financial year. Senior citizens, who are 60 years or older, and do not run a business, need not pay advance tax. How to pay advance tax on sale of gold? It’s important to pay advance tax when you sell gold. You can easily pay advance tax through your net banking. You need to login to As soon as you are on this website, you would see four challans” Step 1 Select Challan 280 This challan is meant for payment of Advance tax, Self-Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed income to unit holders. You can and should ignore the other challans, which are challan 281, 282, 283, which are used for other purposes and paying tax for other liabilities. For example Challan 282 is sued for payment of Securities transaction tax, Estate duty, Wealth-tax, Gift-tax, Interest-tax, Expenditure/other tax, Hotel Receipt tax and Commodities transaction tax Step 2 Here you begin by selecting 0021, income tax other than companies and also select 100, which is advance tax payment. Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment is to be made etc.

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