I got the following intimation on my capital gain tax.
Communication of proposed adjustment u/s 143(1)(a) of Income Tax Act, 1961.
what should I do now as am not sure about the variance of the amount on capital gain tax, I have calculated from broker website both long and short term capital gain and based on the adjustments I have return my tax and paid for the Capital gain from my calculation.
Now would like to know how they come across the value from Amount as computed just curious on the difference, how to check and validate with that amount.
If am not responding within 30 days as mentioned in the letter, they will file and again need to pay additional tax?
09 December 2019
If you are not responding within 30 days they will process as intimated and you need to pay additional tax. Give details to check the working and IT dept addition proposed.
09 December 2019
Thank you for the quick reply Sir. Appreciate you.
But I would like to know how they reached the amount. When I calculate I did not get that much. My final was after deducting loss from gain.
Will they not calculated as I was calculating? Hope they got the details from Brokerage company, but curious how they are arriving that amount. is it only gain or they will consider both gain and loss.
09 December 2019
Both loss and gain to be added to arrive at the turnover. They will not get details from brokerage company. It's calculated from the details furnished in the return.
09 December 2019
Thank you Sir, In that case I think i have done with wrong entry
Here is the detail from form 143(1)(a) 1 SCHEDULE CG There is inconsistency in the amounts /Totals entered in schedule CG OR Taxpayer is claiming deductions u/s 54 which are more than the amounts allowable as per the respective sections.
Amount in Income Amount as computed Variance on account of of proposed adjustment Tax Return 6080 358949 352869
2 Schedule SI The amount entered in Schedule SI are inconsistent with the corresponding amounts entered in Sch CG/ Sch OS.
Amount in Income Amount as computed Variance on account of of proposed adjustment Tax Return 12387 32901 20514
Any clue how much I have to pay for this variance, or do you suggest to go for revised return with correct entry.
I think the above entries are not correct. Here am expecting loss from equity. and made profit from mutual fund. So I have tried to balance it.
23 December 2019
Sir, Can you please explain little bit more on this section 154, what is the time period we can file, and when they will announce with the correction.
23 December 2019
Time limit is 4 years from the date intimation. Rectification Correction will be made within one month or later when software is not ready.
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