A friend of mine has realized huge capital gains after a decade. Note, he has been filing nil / negligible returns over the past years and now has to pay capital gain tax in lakhs. He has to pay it via NEFT/RTGS method since it's not trivial.
Will it be safe to do so via NEFT/RTGS?
Also, I believe there is no requirement for any audit since it's his individual income and not any business income. Please confirm.
Yes, it is safe to pay by any banking mode, but pau it through income tax filing site. Tab E-Pay Tax.
https://eportal.incometax.gov.in/iec/foservices/#/e-pay-tax-prelogin/user-details
Thanks and no audit right? please confirm.
Correct. No tax audit applicable over capital gains.
Chirag P Shah & Co. Chartered Accountant
Pune
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