NOTICE UNDER 142(1)

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An assessee filing ITR-4 for AY 23-24, who earns commission income subject to TDS under Section 194H, has received a notice under Section 142(1). The advice is to respond to the notice by presenting the correct facts to the tax officer. It's recommended to acknowledge any filing mistakes, such as using ITR-4 instead of ITR-3 for commission income, and to pay any outstanding tax liability promptly.

CA Amit Kumar

CA Amit Kumar (Querist)

02 October 2024 Assessee is engaged in Kiosk Banking Services and earns commission on that for which TDS u/s 194H has been deducted. Someone filed his ITR 4 for AY 23-24. Now he has been served notice u/s 142(1). Can we in the response mention that the said return was filed by mistake by the assessee? Or what steps should be taken? Please guide.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 October 2024 Reply to the notice with facts and figures.
Request for rectification in case of any mistake committed.

Nikhil Kaushik

Nikhil Kaushik (Expert)

04 October 2024 since her earned commission income, the ideal return to file was ITR-3.

you should present the corrects facts to the officer during assessment, and if there is any balance tax liability on account of providing for this commission income, do that at this stage itself.

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