Itr-1 issue

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This query is : Resolved

Quick Summary

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)

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)

26 July 2024 File ITR 2.. Declare crypto under schedule VDA.

Dhananjay

Dhananjay (Querist)

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)

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)

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)

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)

13 August 2024 Okay sir will do Thanks

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

13 August 2024 You are welcome.

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