Ques on itr
This query is : Resolved
19 April 2021
Hello
My question is , Mr.x ,age 72 never filled income tax return till yet due to non applicability.
However as on 21.01.2021 he sold a land (not agriculture one) for Rs 10lakhs which was bought in the year 2004 for Rs 50000. And he doesn't have any other income.
Questions:
1) Is he applicable to file return?
2) If yes, then is there any applicability of advance tax ?
3) consequences of not filling the return.
My question is , Mr.x ,age 72 never filled income tax return till yet due to non applicability.
However as on 21.01.2021 he sold a land (not agriculture one) for Rs 10lakhs which was bought in the year 2004 for Rs 50000. And he doesn't have any other income.
Questions:
1) Is he applicable to file return?
2) If yes, then is there any applicability of advance tax ?
3) consequences of not filling the return.
19 April 2021
1 yes, he has to file ITR.
2 yes, advance tax payable.
3 Notice will be issued penalty levied.
2 yes, advance tax payable.
3 Notice will be issued penalty levied.
19 April 2021
1. Yes he will have yo file return of income with capital gain.
2. Yes advance tax will also apply. If not paid till date then you can also pay the self assessment tax today as per your estimate and save you interest liability on late payment of taxes.
3. Department will issue notice in future.
2. Yes advance tax will also apply. If not paid till date then you can also pay the self assessment tax today as per your estimate and save you interest liability on late payment of taxes.
3. Department will issue notice in future.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Voluntary gst tax given in DRC FORM 3 US 122 AND US125
- Chemical and Appratus
- Query regarding table 17 of GSTR9
- New Time limit for gst assessment for fy 2017-2018,2018-2019,2019-2020,2020-2021
- TDS deduction requirement
- Reg Correction Form 15CB & 15CA
- TDS deposited by party after the filing of income tax returns
- Gstr9 fy23-24
- Pre-deposit @20%- appeal proceedings
- Rebate u/s 87a on STCG / LTCG - New tax regime
- Table 12 of GSTR9C-FY 2023-24
- Loan by an NBFC Company to another Company with Common Directors
- Query regarding on GST
- Specified Time limit for gst assessment for fy 2017-2018,2018-2019,2019-2020,2020-2021
- 8C of gstr9
- Regarding the Demand Raised in TAN due to inoperative PAN.
- ITC IN AMMENDED INVOICE IN GSTR9 2023-24
- Unclaimed ITC relates to FY2023-24 reclaimed in October-2024 but failed to reverse the same
- Rule 42 Calculation
- Fixed assets to be expensed out resulting nil value
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
