ITR FOR FY2020-21 (AY2021-22)

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service
99 Points Posted on 26 June 2022

Respected Peers,

Good Afternoon!

I have not been filed the ITR for the FY2020-21 (i.e.AY 2021-22) so far. It should be filed on or before 31-03-2022, I understand but I could not.

I have approximately 3.2 lacs rupees tax from long term cap gain (approximately 17 lacs gain I got) and from equity trades/investments, I have 4.64 lacs profit from long term, 3.09 lacs from shorterm, 14 thousands from intraday/speculative gains.

So tatal 11.07 lacs from capital gains (property/shares).

And other than the above, I am getting 36 thousands/anum (3000 per month) from an insurance pension plan and 25 thousands/anum interest from NCD (private Financ co).

Now what sort of Penalty/Fine I should paid to IT other than the Tax for the above 11.07 lacs (+ 61 thosands) and what sort of documents I should submit for this late (too late) ITR filing.

And whether this late filing will make any sort of problem for the next year submission ( I mean FY2021-22, AY2022-23). Please advise me.

Thanking you,

Regards

 

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On 26 June 2022 at 14:07 Report
Replies (15)
Quick Summary
This discussion addresses an individual's concern about filing their Income Tax Return (ITR) for FY2020-21 (AY2021-22) after the 31st March 2022 deadline. They have significant capital gains and other income, and are seeking advice on penalties, necessary documentation for late filing, and potential implications for future tax submissions. The conversation also touches upon an e-campaign notice received from the Income Tax Department regarding non-filing and how to respond through the compliance portal, with a recommendation to consult a Chartered Accountant.

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Owner
68 Points Posted on 26 June 2022
Contact some CA for this type of issues, i will drop you contact number of CA
3 Reply
On 26 June 2022 at 16:14
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CFO- at NHTF
15022 Points Posted on 26 June 2022
@ gk,

You may get a notice from IT Dept and file ITR in response to notice
2 Reply
On 26 June 2022 at 16:31
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Chartered Accountant
44442 Points Posted on 26 June 2022
There is possibility of issuing 148 Notice.
2 Reply
On 26 June 2022 at 23:13
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CFO- at NHTF
15022 Points Posted on 27 June 2022
@ Gk ,

You may also visit IT Dept and get approval for condonation of delay
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On 27 June 2022 at 07:54
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Chartered Accountant
44442 Points Posted on 27 June 2022
If there is no refund you can't apply for condonation, but there is one prevention you can follow
2 Reply
On 27 June 2022 at 08:57
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85 Points Posted on 27 June 2022
Sir ITR U
2 Reply
On 27 June 2022 at 17:40
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CFO- at NHTF
15022 Points Posted on 27 June 2022
It's not available yet
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On 27 June 2022 at 19:36
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Chartered Accountant
44442 Points Posted on 28 June 2022
ITR-U nit updated till date
2 Reply
On 28 June 2022 at 00:35
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CFO- at NHTF
15022 Points Posted on 28 June 2022
@ gk,

At this moment only option is to visit the IT Dept
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On 28 June 2022 at 07:02
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Chartered Accountant
44442 Points Posted on 28 June 2022
New reply without any base. Stop confusing and misguiding querist for some points.

Never ever go to department. It will create more problems for you.
1 Reply
On 28 June 2022 at 08:28
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service
99 Points Posted on 29 June 2022

Dear Sir,

I have been received a notification on 29-March-2022, with title as: e-Campaign - Non-filing of Income Tax Return for AY 2021-22 DIN: INSIGHT/CMP/02/2021-22/xxxx indicating that:

Why are you receiving this communication?

The Income Tax Department has received information on financial transactions/activities relating to XXXXXX for Financial Year 2020-21. However, as per records available, you do not appear to have filed Income Tax Return for Assessment Year 2021-22 (relating to FY 2020-21).
Some significant information available with the Income Tax Department includes the following:

* Dividend 13000.00

* Interest from Savings Bank 10000.00

* Purchase of Securities & mutual funds : 20.2 lacs

* Sale of securities & mutual funds : 25.1 lacs

 

The objective of this campaign is to validate above information and promote voluntary compliance.

 

 

 

  • Dividend - Rs 13,229
  • Interest from savings bank - Rs 10,675
  • Purchase of securities and units of mutual funds - Rs 20,02,872
  • Sale of securities and units of mutual fund - Rs 25,06,831

 

and mentioned the next steps as login, compliance portal and give response as per requirement etc.

I have checked in compliance portal (after login to IT)

and noticed the following info :

E-campaign List:

A link provided under DIN:  INSIGHT/02/2021-22/ FOLLOWED WITH A ref.no. and also provided the info as below:

Type Non-filing of return for AY 2021-22 issued on 28-March-2022 and Status : Pending (in red color font) -

shows a link to: (Provide Response)

Feedback on information on AIS - Pending (in red color font) - Note:The information on which the feedback is required is marked as "Expected", in the AIS view. Please click "provide feedback in AIS" to navigate to AIS and provide feedback.

shows a link to: (Provide feedback in AIS)

I have not received further any notification (including 148) after the above one received on 28-03-2022 other than a reminder email indicating about the last date of ITR is on 31-03-2022.

So what should I do with the above? whether I could provide responses for those queries with the guides/assist of a CA person or I should do something else with IT dept?

Please advise.

2 Reply
On 29 June 2022 at 01:43
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service
99 Points Posted on 29 June 2022

So what is your best suggestion that I should chose with regarding to this situation ... Sir?

2 Reply
On 29 June 2022 at 16:57
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Chartered Accountant
44442 Points Posted on 29 June 2022

SUBMIT FEEDBACK WITH CALCULATION OF INCOME

2 Reply
On 29 June 2022 at 19:07
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service
99 Points Posted on 30 June 2022

Thank you very much Rashmi Madam,

Regards

2 Reply
On 30 June 2022 at 22:26

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