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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
Trending Online Classes
CAclubindia
