1: Pay tax on this other income by way of advance tax or self-assessment tax.
Option 2: Give particulars of the gain to your employer and, then, the latter will deduct tax at source on your other income as well.
Under Section 192(2B), if an employee has income under other heads, he may furnish particulars of such income to the employer, who will take it into account in computing the tax to be deducted at source. The particulars of such income are to be furnished in the manner stated in Rule 26B of the income tax rules. It may be noted that declaration of other income to the employer is not mandatory.
The writer is founder of RSM Astute Consulting Group
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