Intimation143(1)

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A company received an Intimation under Section 143(1) where the tax was calculated at 30% instead of the applicable 22% under Section 115BAA. Although the revision in taxable income was correct, the difference in tax rates led to a demand. The discussion confirms that such a mistake in the tax rate can indeed be rectified under Section 154 of the Income Tax Act. However, if Form 10-IC was not filed, rectification under Section 154 might not be possible.

MAKARAND DAMLE

MAKARAND DAMLE (Querist)
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25 December 2021 Intimation u/s 143(1) has been received. Tax is calculated @ 30%. However The company is liable for Tax @ 22% u/s 115BAA. Now in the said intimation taxable income has been revised and tax payable is calculated @ 30%. Revision in Income is correct.
Because of difference in tax rates demand is raised.
My question is whether the above mistake in tax rate can be rectified u/s 154 of the I T Act