Rectification or revise return for 143(1), other sources inc

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This query is : Resolved

Ravi (Querist)

20 July 2016 I filed my tax return (FY 2014-2015) which also includes income from other sources (as Bank FD interest) apart from salary. Now I got a 143(1) demand from Income Tax Department. When I checked, the latest 26AS it shows that Bank has corrected some data due to which interest earned and respective TDS is less then the earlier one (when I filed). Resulting difference is the demand. Now I need to correct the income from other sources and tax liability, which will nullify the raised demand.
Please let me help on following
1) Can I file rectification or I need to file revise return ?
2) In case I can file rectification, I think I need to select option 2 "Taxpayer is correcting tax data". This requires xml to be uploaded. This xml has one field "Return Filed under section" with options like 142(1), 139(4), 153A, 153C etc. Which section should I select as there is no 143(1), the demand I got ?

Thanks in advance

Prakash Kochar

Prakash Kochar (Expert)

20 July 2016 Facts of case is not covered for rectification, no apparent mistake while issuing intimation.
Return can not be revised - time period is over.
Application u/s. 264 for revision can be submitted. Considering the quantum may decide .

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