Intimation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2014 Intimation u/s 143(1a) order date 04/08/2014 for the A.Y. 2010-11 has been isssued with demand. The actual date of filing Return was 19/01/2011.

Query:

1. Kindly clarify, whether the notice is time barred?

2. If Yes, Kindly suggest how to proceed further. Can we reply to notice by issuing a letter?

3. If No, can we file a rectification online, if the demand made only on error due to ommission in particular schedule of Original Income Tax Return Filed?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 October 2014 1. the notice issued is time barred as the time limit is 1 year from the end of FY in which the return is made i.e u filed in 2010-11 and issued in 2014 so last date is 31.3.2012

2.you need to inform on paper abt the same

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2014 Thank you.

Whether i have to reply in a formal letter or i have to appeal to CIT(A).

Nikhil Kaushik

Nikhil Kaushik (Expert)
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01 October 2014 since the intimation is time barred, then just inform the AO.

However, ensure that your ITRV was received by the tax office within 120 days of filing the return. IF the ITRV was late and was accepted under any relaxation (as is permitted time to time) by the department, then you need to check the one year condition from the year in which such ITRV was submitted.

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2014 Thank you.

ITR V is received by Income Tax department on 28/02/2014. So, in this case the intimation is not time barred.

Kindly suggest, there was a demand in intimation due to ommission of filing of depreciation schedule, so that the demand has arisen due to difference in profit.
1. can i file a rectification u/s 154 online.
2. if yes, whether i have to prepare New ITR again by claiming depreciation.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 October 2014 no. not at all. It wont be considered time-barred.

with regards to omission of filing the depreciation schedule, did you provide the details of asset in the "Part - BS" Sheet?

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2014 Thanks for prompt reply sir.

1. We have provide details of asset in the "Part - BS".
2. We have claimed depreciation in "Part - P&L".
3. we have entered depreciation manually in "Schedule BP". (i.e. Make your own computation column)
The only thing is, we have not filled the depreciation schedule for each individual asset.

The demand amount is exactly the depreciation amount added to netprofit only.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 October 2014 the rule for depreciation is that it is to be provided for by AO even if the client has not claimed it. So apply for rectification of the 143(1) intimation..

Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2014 Many thanks sir.

Kindly suggest how to proceed for rectification online, i prepared itr for the relevant a.y. now by filling dep. schedule.
1. under which section i have to select in itr now it shows 139(1), (2), 148, 153 and 153A.
2. what are the schedule's i have to select for rectification. i.e. only depreciation sch or anything else.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 October 2014 you have to rectify the return..not revise it...kindly refer to rectification link in incometaxindiaefiling.gov.in