Mistake in ITR
This query is : Resolved
15 December 2009
Experts Pls Pls reply me
A. Y. 2007-08 returns has been filed manually by mistake long term capital gain of shares which is exempted has been offered as Income but not paid tax on Captial gain (Ex : - In computation statement --- Income from Business Rs. 2 Lakh and Long Term Capital from shares Rs. 60000 and Total taxable Income taken Rs. 260000 and Tax is paid only on Rs. 200000/- because long term gain is exempted).
I have not recd. any intimation or order from income tax department .
But I have recd. notice demanding for that capital gain.
How to rectify it because revised return filling time is over.
A. Y. 2007-08 returns has been filed manually by mistake long term capital gain of shares which is exempted has been offered as Income but not paid tax on Captial gain (Ex : - In computation statement --- Income from Business Rs. 2 Lakh and Long Term Capital from shares Rs. 60000 and Total taxable Income taken Rs. 260000 and Tax is paid only on Rs. 200000/- because long term gain is exempted).
I have not recd. any intimation or order from income tax department .
But I have recd. notice demanding for that capital gain.
How to rectify it because revised return filling time is over.
25 December 2009
make an application under section 154 and states all facts about non taxablity of capital gains.
03 January 2010
Section 154(1) is applicable only when an Intimation has been given or an Order has been passed by the assessing officer.
In such cases position may be clarified by giving a submission. If your claim is justified, IT authorities will definitely consider the same.
In such cases position may be clarified by giving a submission. If your claim is justified, IT authorities will definitely consider the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Relief u/s Section 89
- Sales return eway bill
- GST ON DAMAGED GOODS
- LTCG for Assmt year 26-27
- Tax liability on income of freelancer
- REGARDING GST LIABILITY/....
- Plot of land. Cost of Acquisition
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
