Intimation Under 143(1), kindly advice
This query is : Resolved
ram bablani
(Querist)
30 January 2024
Hello Good Day.
I received an intimation u/s 143(1) in Jan 2024 for my tax return of last year (filed on July 23)
It contains a demand notice of around Rs 25k.
I understood the mistake that I made while filing my returns. I have declared less income in my ITR than the 26AS form. I have under-reported my bank savings income by Rs 3 Lakhs in my ITR Form filing.
Now the notice says that because of "Restriction of TDS based on Rule 37BA", say my ITR income is Rs X, my 26As income is Rs Y and Y > X so I will get less TDS claim because of rule 37BA.
Can you please help and guide me
Can you please help and guide me should i just fill the demand amount as requested which is around Rs25k "OR"
Do I need to file a revised return and declare my correct savings interest income?
"OR "do I need to do both Steps 1 and 2
I received an intimation u/s 143(1) in Jan 2024 for my tax return of last year (filed on July 23)
It contains a demand notice of around Rs 25k.
I understood the mistake that I made while filing my returns. I have declared less income in my ITR than the 26AS form. I have under-reported my bank savings income by Rs 3 Lakhs in my ITR Form filing.
Now the notice says that because of "Restriction of TDS based on Rule 37BA", say my ITR income is Rs X, my 26As income is Rs Y and Y > X so I will get less TDS claim because of rule 37BA.
Can you please help and guide me
Can you please help and guide me should i just fill the demand amount as requested which is around Rs25k "OR"
Do I need to file a revised return and declare my correct savings interest income?
"OR "do I need to do both Steps 1 and 2
CA R SEETHARAMAN
(Expert)
30 January 2024
Revised return filing date is over by 31st December 2023.
Accept and Pay the demand.
Accept and Pay the demand.
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