28 December 2023
One of my client is not in favor of Filing Belated Return as he is a Salaried Employee having Income from Salaries, Other Sources, Capital Gains and Receipts on Transfer of VDA. However, would like to let you know that Receipts on Transfer of VDA are on higher notes, request you to kindly let me know with the consequences for Non-Filing of Income Tax Return.
28 December 2023
Tax payable on capital gains and transfer of VDA. Non filing of ITR and non payment of tax attract penalty. Advice him to file belated return with Rs 5000 late fees. Otherwise heavy penalty payable. Check AIS VDA transfer will appear, non filing of ITR notice will be issued.
CAclubindia
