Calculation of Income Tax Liability

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7059 Points Posted on 02 January 2023
A trader with GST registration got ₹ 356800 /-Net Profit through trading.Also he got ₹ 1443200 /-as capital gain when he sold dryland..Can you tell me how much income tax he will have to pay if he files his income tax return in January 2023 for the financial year ended 21-03-2022?.
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On 02 January 2023 at 16:42 Report
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This discussion addresses how to calculate income tax for a trader with both trading profits and capital gains from selling land. It clarifies that filing an Income Tax Return (ITR) for the financial year ending March 2022 (Assessment Year 2022-23) after January 2023 might require specific procedures under Section 139(8A) of the Income Tax Act, which is not a standard ITR filing.

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SEO Sai Gr. Hosp.
212503 Points Posted on 02 January 2023

First of all he cannot file ITR for AY 2022-23 now under normal circumstances..

Try in April 2023, u/s. 139(8a) of the act..

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On 02 January 2023 at 19:56
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Profession
28261 Points Posted on 02 January 2023
It is not termed as itr.
You are supposed to mention it as gstr and that too varies depending on the nature of registration.
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On 02 January 2023 at 23:36

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