Dear Sir
Today I filed my IT return successfully. But I received message for the department that my IT return is defective u/s 139 (9) of IT act. I filed IT return by choosing ITR1 Form. Please note I have income from under Sec 194C Rs.1,92,203/- & TDS credited Rs.1,924/-, and interest received from fixed deposit from Finance company u/s Sec 194A Rs.1,329/- and no TDS credited and as per 26AS.
Following are the message received from the department. You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid.
Now I request you to guide me how to rectify my. IT return.
Thanks & Regards
Subramanian V.

sir My Salary is Below 4 Lak but tax charge 20% reason for in - operative account. its correct ??

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In case an FD spans over more than one financial year, then the accrued interest at the end of the first financial year is added in income as accrued interest and TDS is deducted. In the next financial year, the interest is paid, so the interest received is added in this year, meaning that the amount equal to the accrued interest is taxed twice. Is it that the banks will show the interest paid in current year after deduction of the accrued interest in the last year? ls this the practice adopted by the banks or they add complete interest paid as income for the current year?

A person has gone abroad for studies. When he was still resident, he had received gift from his mother for further studies in foreign country. This gift amount was then transferred to his bank account held in foreign country. Since the entire course fee was payable in installments, he temporarily parked the surplus funds into a Global Mutual Fund. Then as and when required he used to redeem mutual funds & utilise the proceeds for payment of course fees & his daily routine expenses. The question is, whether capital gain earned on redemption of such global MF will be taxable in India in the hands of the person (the student) where his residential status is 'Non-Resident'.

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Sir/Madam

Request to clarify me whether income received from above subjected is taxable or not ??
if yes then under which head??

Sir,

I have below query :

I am salaried income along with Short & Capital Gain for the FY2023-24
1) Income earned from Salary is Rs. 412029/- deduction is Rs. 13142 HRA , Rs. 2400 Professional Tax, Rs 50000/- Standard deduction.
2) Interest from FD is Rs. 33640/- and dividend for share Rs. 11906/- 3) Deduction under section is Rs. 150000/-
4) i have earned short term profit is Rs. 28406/- and Long term profit is Rs. 124955/-

Please guide me whether i am taxable for capital gain i.,e short term amount of Rs. 28406 and long term Rs. 24955 after exemption Rs. 1 lakhs
but my total income is below 5 lakhs (including salary, interest on FD, capital gain) after deduction .

Thanks & Regards

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Who has to file Form 10IEA.