IT & SEC 88

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This query is : Resolved

Bipin Kumar Agarwal (Querist)

10 January 2011 frnds
assessee is govt employee
for FY 04-05 RETURN FILLED 1aug 2005.
Total income Rs. 123657/- tax 13732/-
rebate eligible under sec88 Rs. 14771/-
so deduction taken 13732/-
after that other income arise Rs. 12806 receive from employer in which tds was deducted REVISED return filled 1st june 2010 declaring income 136463/-
assesee receive interest from supper annuation fund which is neither shown in the orignal return nor revised return
asst. order passed by dept and shown the total income as
Rs. 123657
Rs. 8071
Rs. 12806
toatal income:-144534/-
tax:- 17907/-
less:- rebate 14000/-
INCOME:-3907
ecess:- 78
TOTAL;- 3985
LESS TDS 1395
PAYBLE 2590
INT 234A 52
TAX & INTEREST PAYBLE 2642/-
penalty proceeding 271 C has been itiated seprately.

but as per me deduction under sec 88 14771/- interest under 234A WOULD be for 1 month

i would like to know tax proceeding done by ITO is correct.

and please tell me the process of rectification of mistake under sec154/- against the asst order.

CA Nitish Jain

CA Nitish Jain (Expert)

11 January 2011 tax calculation as regarding section 234A should be for 1 month.

as far as proceedings are concerned:
section 271C has been applied for concealment of income. you will have to produce facts before ITO making him believe that the facts were not known to you before. only then you can save yourself from penalties u/s 271C

Bipin Kumar Agarwal

Bipin Kumar Agarwal (Querist)

12 January 2011 bro what about rebate...
and procedure for application under sec 154