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Ltcg u/s 10(38) necessary to be shown in itr?

767 views 3 replies

Sarthak

Chartered Accountant

81 Points Joined January 2010

Hi,

I am having LTCG u/s 10(38) after paying STT in my firm which is having turnover of more than 1 crore (means audit case). Now is it necessary to show that 10(38) income in my ITR. I don't want to show that income in my ITR, so can i do that. If yes please provide supportive law or section and if no then again with supportive law and section.

And suppose if i choose to skip that income what will be the consequences of the same (with supportive law and section).

Please provide the answer asap bcz 31st is tomorrow and i have to final my return.

Hope i am not asking much. :)

Thank You

Regards

Replies (3)

CA. Kunal Lakhotia

ACA

1006 Points Joined May 2010

subject income needs to reported under exempt income in ITR

Sarthak

Chartered Accountant

81 Points Joined January 2010

@ CA Kunal

Thank You for your reply sir but if i am not wrong then there is no provision under law which make us compulsory to report that exempt income in our ITR.... ??? And if we don't have any provision for this then will there be any consequences if we don't show that exempt income in ITR....???

CA. Kunal Lakhotia

ACA

1006 Points Joined May 2010

hey, der r no provisions for certain other things also. if RoI demands something then u need to fill it if its applicable on you. If u dont then u might escape from AO assessment. if u dont, then u never knw what he is upto. Taking risk is nt a gd option in income tax