Itr notice


This query is : Resolved 

Quick Summary
If you've received an Income Tax Return (ITR) notice, it's likely because you filed using ITR-1, but your Form 26AS shows tax deductions under specific sections (like 194IA, 194S for crypto). These sections require a different ITR form, as ITR-1 lacks the necessary schedules. You now have an opportunity to file the correct ITR form to accurately report your income and claim TDS credit.

(Querist)
11 August 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.You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable

11 August 2024 As per form 26AS under which section/s TDS has been deducted?

dons dev (Querist)
11 August 2024 192 and 194s as per 26AS

11 August 2024 File ITR 2 & declare the crypto transaction under schedule VDA.

dons dev (Querist)
11 August 2024 Thank you sir for your reply

11 August 2024 You are welcome.


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