Tax not deposited

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2013 i sold a land 3 years ago and did not make any other investment or deposited in cg deposit scheme. I just deposited the sale proceeds in a bank account. Till now that money is kept there. I didn't get any notice or anything from the department and i'm wondering what to do now. Shall i take out the money and go or shall i deposit tax. How should i proceed .The land comes under HUDA(haryana). It was a long term gain and i m an nri. Please suggest and ask whatever details you need.
Thanks in advance

Ganeshbabu K

Ganeshbabu K (Expert)
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20 May 2013 if you have deposited 10 lakhs or more incometax departement will definetely came to know about it through AIR(ANNUAL INFORMATION RETURN) by respective departement and the same will be shown in the ASSESSE 26AS in respective financial year..

if it is less than 10 lakhs bank transaction IT dept. may not get this information

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2013 yes thats what the amount is more than 40lakhs. I dont want to evade tax or anything. i just want to know what options do i have now and what shall be the best for me to avoid any penalties etc.

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Suresh Mittal

Suresh Mittal (Expert)
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21 May 2013 In this case
1. TDS u/s 195 should have been deducted by the purchaser of property.
2. It will appear in AIR submitted by registering authority because the transaction is of more than 30 lacs and bank gives info only in case of cash deposit of RS. 10.00 lac or more in saving account in a year.
3. You cannot file your return now as u/s 139(4)belated return can be filed within one year from the end of respective Asst Year.
4.You can file the return if you receive notice u/s 142(1).

Ganeshbabu K

Ganeshbabu K (Expert)
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21 May 2013 however you can file return under sec.119(2)read along with circular 8/2001 ,dated 16/05/2001

First of all please register your PAN with incometaxindiaefiling.gov.in.

and then login to your account and check whether there is any outstanding tax demand in your PAN account( it is possible that you will have outstanding demand) if there is no such information on tax demand ,just ignore it and wait till incometax departement intimates you with some demand.

Regards
Ganesh babu

Suresh Mittal

Suresh Mittal (Expert)
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21 May 2013 Sec 119(2) read with circular 8/2001 is applicable in case of return of claim of refund or in case of carry forward of loss only.

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Ganeshbabu K

Ganeshbabu K (Expert)
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21 May 2013 Yes,sec.119(2) will not be applicable to author case,..thanks for correcting my mistake

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2013 Thank you all. So i should just generate my PAN no. and just wait till i get a demand order? Thats what you all suggest.
But isn't there any way i can solve this matter because this might lead to concealment or income escaping assessment and i'll be charged heavy penalty besides tax and interest. Shall i deposit tax or do something or nothing at all. Please clarify again.
And if TDS wasn't deducted then is it my fault? The deductor will not be able to claim the expense. Will i also be penalised? Also is section 195 applicable in the case land is sold?

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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07 July 2013 If TDS deducted and not paid then you have to pay interest u/s 201. If the delay is more than 1 year then prosecution u/s 276B can also be started. In that case you have to file compounding application and pay the compounding fee which is 5% per month of delay.