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.
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