sandip chauhan (Finance Professional) (29 Points)
08 August 2013Today, One of my client has filled , the e filling the ITR 4 on 08/08/2013 (today) , he has a TDS amount of 21000 , and tax payable by 4000 , he
by mistake , has written 17000 in column (6) fo TDS schedule (Form 16A tds 2 Scheduled) instead of 21000 . so , now TDS amount reduced by 17000 and Tax paid 4000 so , finally the refund amount came to 13000 instread of 17000.
kindly give an advice ? how to ractify this mistake. to claim total TDS amount ?
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 08 August 2013
Dear Sandip,
kindly clarify whether you entered the amount of TDS wrongly (as 17000) in both 6th column i.e. Total Tax Deducted and 7th column i.e. Amount out of (6) claimed for this year??
If your answer is yes, then you should be allowed TDS as processing of return u/s 143(1) where every assessee is allowed expenses/deductions etc. which he forget to claim.
But if your answer is no, i.e. you entered 21000 in 6th column and 17000 in 7th column... and as you have filed your ITR belated... then sorry, there is no way to get it rectify... Though one might say that you can go for Sec. 154 rectification.. but i personally believe that such remedy is also not available in that case.
Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
+91-9891400405
S.R.Associates
(Tax & Investment Consultants)
(115 Points)
Replied 08 August 2013
Sandeepji,
Revise your return and fill up the correct TDS amount in it.For your reference,I am giving the process of filing revise return:
1.Just download the ITR form from Income tax site and fill up all the information as it is you have shown in original return.
2.In TDS,fill up the right amount.
3.Keep it in mind that the section would be 139(5) i.e. Revised return.
4.Generate xml.
5.Go to Income tax site and after logging in go to:My account/Rectification/Rectification upload
6.Choose xml and Upload the same.
7.Keep the ITR-V with you and also send one copy duly signed to CPC Banglore.
8.One important thing which while filing rectification return is "Don't change income or deduction's details else it may be rejected or get delayed.
If still facing any problem,You may contact me on :9685595760 or mail me at:srassociates0713 @ gmail.com.
To get tax updates etc,Just like our FB Page: https://www.facebook.com/pages/SRAssociates/600829063295496
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 08 August 2013
Dear S.R. Associates,
sorry to say... but return can't be revised in this case... as he has filed return on 08.08.13 (belated)... (assuming that it's not a tax audit case)
S.R.Associates
(Tax & Investment Consultants)
(115 Points)
Replied 08 August 2013
Thanks lovely ji,
I know that as per income tax rules you can not revise belated return but practically CPC Banglore is accepting the revised return U/s 139(5) of belated return.If they not accept your revise return wait for assessment order.After assessment you can file rectification.
Mihir
(Wealth Manager)
(5293 Points)
Replied 08 August 2013
You filed your IT returns just 3 days late.
sandip chauhan
(Finance Professional)
(29 Points)
Replied 10 August 2013
i have not sent a copy of ITRV to CPC, and will not send withing 122 days but instead of online i will ractify the form and submit the offline return ...will it be possible ?
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 10 August 2013
Dear Sandip,
yes, you can go that way..
but make sure that your total income doesn't exceed Rs. 5 lakh, and you were required to file electronically only, along with other conditions,
otherwise, you can go for offline.
And, also be sure about the payment of taxes (along with interest), otherwise, your return would be deemed to be defective, etc......
Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
SHIVI
(MANAGER)
(21 Points)
Replied 13 December 2013
I am a married girl and doing job in a govt bank.my parents r wholely dependant on me.I have no brother.my eldest sister comes under PH category with 55% disability.her husband passed away 4 years before.now she is living with my parents and dependent on them.my question is can i claim rebate U/S 80DD ????kindly guide..
manoj kumar
(Accountant)
(21 Points)
Replied 13 December 2013
how to clearify all recept with sales during the year
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 20 December 2013
Dear Shivi Mam,
yes, you can claim deduction upto Rs. 50000 for Dependent spouse, children, parents, brothers and sisters, thus, go ahead and claim the deduction for the amount you spent (upto max Rs. 50000) as your sister is not severally disabled (less than 80%).
You need to have proof of her disability with you, in case asked from the Income Tax Department.
And Mr. Manoj, your query is not so clear, kindly clarify what do you want to ask?
Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
Rajendran
(Accountant)
(21 Points)
Replied 21 February 2014
My father gave me Rs 15 lac as gift (Rs 10 lac cash + Rs 5 lac through bank transfer) just before his death in the current FY. As I know that the cash gift from father is exempted from tax, what documents are required to claim tax exemption for this gift?
Nadeem iqbal
(Student CA CPT )
(21 Points)
Replied 01 March 2014
respected sir, i have filled ITR-4, FOR A/Y- 2012-13 ON 25/02/2014 BUT WRONGLY inter exceed amount than ITR-V is payable with Rs. 70000/- what i do
PLEASE SUGGEST ME.
A. UMAMAGESWARAN
(AUDITOR)
(21 Points)
Replied 02 March 2014
Sir, an assessee in reply to the notice under section 148, for the asst year 2010-11 on Mar, 2013, filed Profit and loss account, and Balance sheet, Originally return has been filed through efiling and in which he had given only cash balance and creditor and debtor details ie., no accounts concept. Subsequently, after 10 months, the Assessing officer issued draft order, based on his findings. On which, the assessee, by mistake has given liabilities and assets value incorrect. can he rectify the balance sheet, with additional records proof now in hand under section 152. is there any remedy to correct the balance sheet with true information. thank you sir!
C B Biwalkar
(Joint Director )
(21 Points)
Replied 14 April 2014
After my mothers death my father ,sister and myself are coowners of land at Amberneth Dist Thane . My father and sister both have given me power of attoney to dispose off the land . If I collect the sale proceeds by cheque in my bank account and the distribute it to my sister and father ,how much tax on Capital Gain (if Any ) I have to pay is to the extent of my share or on entire amount .Pl guide.
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