Reply to notice for less income shown than in Form-26AS

This query is : Resolved

SANJEEV GOYAL (Querist)
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01 February 2020 As per notice from IT Dept, return has been marked as defective return due to income shown being lower than that is in Form-26AS. Assessee received interest on compensation of compulsory acquisition of Rs. 5 lac, of which 50% is exempt u/s 57. Therefore, net Rs.2.5 lac was shown in other sources, whereas full amount of Rs.5 lac is shown in Form-26AS, on which TDS has been deducted. IT dept is giving suggested solution of filing revised return. How to show Rs.5 lac in revised ITR and get 50% exemption u/s 57. Please guide.

Whether after showing full amount of Rs.5 lac in other sources and exemption of Rs.2.50 lac under deduction in other sources would be sufficient compliance as only net amount is shown in total income sheet in ITR-2?

Whether only a reply would be sufficient explaining the above situation? Please guide.

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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26 May 2020 You need to file revised return showing full particulars of income and consequent deductions eligible on the same.

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