ITR V ... Computation error in tax calculation

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A user is encountering an issue where the Income Tax Return (ITR) V form is calculating zero tax liability for an association, even though there is a tax obligation covered by TDS. They are seeking advice on the cause and how to rectify this apparent error. Initial suggestions involve rechecking the return and ensuring income is properly offered for assessment, as the system is not reflecting the actual tax incidence.

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)

11 July 2024 Whilst filing the return of an Association registered under W. Bengal Societies in ITR V the tax computed by system is Zero whilst there should be a tax liability! The tax liability is covered by TDS but the computation shows full refund.
Kindly advise the possible reason and the remedy.

Thanks & Regards

R.K.Mehta

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 July 2024 Recheck the return filed. If it is OK as per the computation filed, then need not worry for the mistake.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 July 2024

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)

11 July 2024 Thank You Sir! The only worry is that there is a tax liability though fully covered by TDS but the system is not computing tax on income.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 July 2024 Need to check whether the income is properly offered for assessment.

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)

11 July 2024 No Sir! In fact ITR V has not filed as there is mistake apparent.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 July 2024 Hope the income is not exempted under any clause...

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)

11 July 2024 Yes Sir, but how to file a return with zero tax liability when it is for sure that there is a tax incidence. At net level it will be refundable after adjustment of tax.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 July 2024 Whether the income over which TDS deducted is offered to tax properly?

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)

11 July 2024 Yes Sir but still would check again. You have been very helpful.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

25 August 2024 Good Luck.

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