So the short term and long term tax liability that I have for FY21, I can pay that by the date of the ITR return or does that have any other dates to be followed?
Was wondering if the advance tax rules apply to my trading profits - I have a large short term trading related tax liability.
Its best to consult a practicing chartered accountant and take an opinion since you have not paid any advance tax and either ways pay the actual tax liability as soon as possible to avoid the interest and penalty for late payment. See the advance tax rules applicable in India under the income tax act.
As far as I know, you have to pay advance tax if your net tax liability is more than 10,000, irrespective of your income source. If you have not paid it then you have to pay interest at the time of filing the ITR.
Trading in F&0 is considered as a business income. So you can also claim certain expenses aginst the income generated. Ideally you should pay a advance tax date 15 June . 15 pcnt of liability of tax in 1st installment. Yes a C.A can guide you with more details but not paying advance tax will be liable to penalty which is 1 pcnt per month if I am correct ( recheck this percentage )