How to best handle after receiving 143(2) in case of excess deductions claimed to avoid penalty

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If you've received a Section 143(2) notice due to claiming excess deductions, you generally don't need to file an affidavit accepting the error. Instead, submit the required documents along with a request to revise your return. While updated returns might be blocked after a 143(2) notice, there's a possibility of filing under Section 142(1) to correct the return and pay any additional tax plus interest.

Rahul Singh

Rahul Singh (Querist)

20 June 2024 How to best handle after receiving 143(2) in case of excess deductions claimed to avoid penalty. Please let me know. Thanks.

Do I need to submit an affidavit accepting the error..

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

20 June 2024 No. No need to file any affidavit. Submit required document, with request to revise the return. The return will be reassessed with any additional tax with just interest over it.

Rahul Singh

Rahul Singh (Querist)

20 June 2024 Thanks. Do they enable the portal for revised return after the request as it is closed for AY 23-24 (FY 22-23) or is it ITR(U)?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

20 June 2024 As such there were cases when the revised return was accepted if filed within specified time (it was 2 years then) even after issue of 143(2) notice, but the same is blocked for updated return. So, hope they allow you to file under sec. 142(1) IT act.

Rahul Singh

Rahul Singh (Querist)

20 June 2024 Thanks Will request other experts to share their views as well who might have seen this scenario recently.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

30 August 2024 Good luck.

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