Hi,
If, I have missed to pay Capital Gain Tax incurred in June - 2013 and filed an ITR for financial year 2013-2014 and posted ITR-V to CPC Bangalore, because of some unavoidable circumstances, how can I rectify it now.
If I pay the tax online, do I need to pay it as self assement tax, does I have to pay some intrest.
If yes, after paying the tax, do I need to send the rectified ITR-V again or anything else like challan copy etc.
Please help.
Thanks.
Thanks Tribhuvan,
Just to be sure, sale of land comes under capital gain.
And, I need to add interest on the capital gain tax at 1% per month, right?
Hi,
Revise your return. Dont forget to change the status of your return from original to revised.
Sale of land comes under capital gain. No interest of 1% is there in capital gains. But now as there is a delay in payment of self assessment, interest u/s 234 A,B,C ned to be paid.
For any further query pm or mail me.
AJH & CO.
anubhavjain @ ajhco.in
If you have filed the return before the due date you may file the revised return disclosing your correct income. To revise the return follow below steps
- Deposit the Self Assessment Tax and interest etc.
- Prepare the revised return classifying it as revised return and disclosing the original ITR Ack no. & date.
- Upload the ITR on income tax website.
- Send the ITR-V for revised return.
Thanks everyone for your replies,
So, this is what I am going to do.
- Pay tax caluclated on capital gain and the interest as per section "234 A,B,C", as self assessment tax(300) in CHALLAN NO./ITNS 280. I get a Receipt with a Challan number
- Put the capital gain details in ITR form. Please guide me which ITR form should I choose. I had filled ITR1 before for declaring my Salary.
- Specify this as a revised return. Put Challan details in the above said ITR form. Put original ITR Ack no. & date
- Upload it on IT efilig website
- Sign and send the received ITR-V form.
Please let me know if something is missing or incorrect.
Hi,
As, I am filing this revised return voluntarily for the original return filed "on or before due date", what should I be selection in -
PART-A General, "Filing status", Return Filed colom, Should it be "17", or "19"
Also, while filling in LTCG details in ITR-2 Schedule CG-
Lets say I bought the property at X in 1983, and sold at Y in April 2013. Based on Cost Inflation index, I calculated X1 and have put it in colomn "bi".
Where should I fill Y, ai, aii, or aiii.?
Thanks.
Hi,
Prashant, have you invested amount of Capital gain any were???
CAclubindia
