Dear friends,
Kindly guide me on the followings:
I had submitted my return of income for A.Y.2008-09 well before due date; explaining my income and the resulting refund claim. I’m male and of 21 years of age. Particulars of my return are as follows:
Short Term Capital Gain u/s 111A Rs. 1,13,006
Income from Other Sources Rs. 42,163
GROSS TOTAL INCOME Rs. 1,55,169
Less – Ded. u/s 80C Rs. 4,860
TOTAL INCOME Rs. 1,50,310 (Rounded Off)
Now I had pre-paid taxes to the extent of Rs.6262 by way of TDS & Advance Tax. So I computed the refund of Rs.2110 and filed the return.
Today I received the intimation u/s 143(1) for the demand notice u/s 156 which mentioned as follows:
Returned Income: Rs.1,50,310
Assessed Income: Rs.1,50,310
Net Agri.Income: Rs. NIL
Special Tax Income: Rs.40,310
Special Rate Tax: Rs.4,031
Total Prepaid Tax: Rs.6,262
Demand Tax: Rs.15,331
Education Cess: Rs.460
Interest
u/s 234A Rs. NIL
u/s 234B Rs.1235
u/s 234C Rs.488
Total Tax and Interest Due Rs.17,514
Net Amount Payable Rs.11,252
Now how is it possible? I just can’t understand this computation of arriving at tax payable. Kindly advise me what I should do now. Should I pay the huge sum demanded by ITD or should I go for an appeal to commissioner? If I should go for appeal then let me know the procedure for the same.
CAclubindia
