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
- Reporting Income under Section 44ADA
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
