Trouble for these property sellers due to late CII
Synopsis Property sellers may need to re-compute advance tax after the Cost Inflation Index release. This delay impacts individuals selling property acquired before July 23
Synopsis Property sellers may need to re-compute advance tax after the Cost Inflation Index release. This delay impacts individuals selling property acquired before July 23, 2024.
Advance tax payments for the first quarter were due before the index was notified. Underestimating tax liability could lead to interest charges for deferred payments.
Taxpayers can adjust subsequent installments or claim refunds if overpaid.
The BriefWire