Itr-1 issue

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This query is : Resolved

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If you've filed your Income Tax Return (ITR) using Form ITR-1 and received a defect notice, it's likely due to TDS deductions under specific sections (like 194IA, 194S) or the reporting of cryptocurrency income. These situations require the use of Form ITR-2, which includes the necessary schedules (like VDA for virtual digital assets) to correctly report such income. You'll need to address this defect within 15 days via the 'E-proceeding' tab by filing a revised return with the correct form, otherwise, your original filing will be considered invalid.

Dhananjay

Dhananjay (Querist)
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26 July 2024 You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.
I paid 2 rupees TDS because of crypto

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 July 2024 File ITR 2.. Declare crypto under schedule VDA.

Dhananjay

Dhananjay (Querist)
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04 August 2024 I have filled itr already in itr-1 and I got defect so do I need to proceed with the view notice button and then submit response ?
I’m not able to understand
Or I need to file itr again with itr-2

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 August 2024 You need to file ITR 2 u/s. 139(9) IT act, under 'E-proceeding tab', within 15 days.

Dhananjay

Dhananjay (Querist)
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13 August 2024 Hello sir My income is not a lot means I just filed itr just to know the process my income is not exceeding the tax slab
But my itr is defective do I need to fill it again as I don’t want to file.
Will it create problem in future ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 August 2024 If you do not file revised return, the original return will become Null & Void, i.e. as if it is not filed.
Better to reply with revised return. You need only to change the income from crypto to schedule VDA, all other things remain same.

Dhananjay

Dhananjay (Querist)
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13 August 2024 Okay sir will do Thanks

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 August 2024 You are welcome.

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