143(1) intimation: FTC & Regular Assessment tax

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KK Hariharan (Querist)
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19 March 2021 Hello, here is my situation. I had filed a revised return for AY 2019-20, as part of which I had claimed Foreign Tax Credit (FTC) under the India-US DTAA, by providing the necessary details in Schedule FSI and also submitting Form 67. Furthermore, when I filed the revised return, I had returned the refund I had previously received upon filing the original return, along with interest thereon, by making payment in the form of Tax on Regular Assessment [400].

I received an intimation u/s 143(1) a couple of days ago, and NOTICED THE FOLLOWING ISSUES:

i. The FTC amount claimed u/s Sec 90/90A is listed under the "As provided by taxpayer" column but is listed as zero in the "as computed under Section 143(1) column".

ii. The payment made as Tax on Regular Assessment [400] has not been considered at all (only the advance tax [100] and the self-assessment tax [300] have been considered).

MY QUESTIONS ARE:

1. What option should I select in the rectification request form so that I am given the option to upload Schedule FSI, containing the FTC details, once again?

2. Where exactly should I list the Tax on Regular Assessment [400] payment? Note that Part IT only asks for "Details Of Advance Tax and Self Assessment Tax Payments", so it is not clear if Tax on Regular Assessment [400] should also be listed there. This amount does appear under "Details of Tax Collected at Source" in my Form 26AS.

3. The email intimation I received stated that since "there is a variance of Rs.100 or more between Tax Credits (TDS/TCS/Advance Tax/Self Assessment Tax) as claimed by you in the Return of Income and the computation as per attached Intimation, a separate email will also be sent providing details on the same. " How soon can I expect to receive this email and should I wait for it before filing for rectification?

Thank you in advance for your guidance. I am new to this forum, so if I should be posting this elsewhere, please advise.

KK

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 March 2021 1 No need to file FTC details again if it's properly filed.
2 File rectification under section tax credit mismatch and update tax paid under regular assessment under self assessment.
3 Wait for Email and file rectification.

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KK Hariharan

KK Hariharan (Querist)
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19 March 2021 Thank you, Mr. Seetharaman, for your response.

1. FTC details were filed with the return. But still the amount has been taken as zero under "as computed under Section 143(1)" column. So how do I ensure that this is corrected upon filing the rectification request? If I don't mention it or upload the schedule again, I worry that they might again treat it as zero.

2. Noted.

3. Noted. Any idea how soon after intimation the email would arrive? If the email doesn't arrive, is there some other way of obtaining the details? Since there is a 30-day deadline, I am concerned about waiting for too long.

Thanks again.

KK

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 March 2021 Call cpc helpline and get the details.
How much FTC credit you claimed.

KK Hariharan

KK Hariharan (Querist)
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19 March 2021 Yes, I have tried calling the CPC helpline but the call doesn't go through... Would you know if they have a contact email address? I'm unable to find it online.

The FTC amount is a few lakhs but I don't know why they have ignored it and gone with zero instead.

KK Hariharan

KK Hariharan (Querist)
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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 March 2021 Ask CPC in the given number why FTC ignored and tax paid not considered. Ask for detailed working E mail.
Rectification, Refund, Intimation and other
Income Tax Processing Related Queries Centralized Processing Center 1800 103 4455 (or)
+91-80-46605200

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