Tds refund

Save Share

This query is : Resolved

sunil tiwadi (Querist)
Follow

23 June 2014 All incomes showed are
correct in original return filed .As per
original return total income is 197849
Rs..including income from other
sources Rs 70790. Deduction u/s 80C
is 39773 Rs.So Income after
deduction is 158076 Rs.....TDS for
year 9320 Rs
So i filed return with refund for rs
9320.
But income calculated as per
intimation u/s 143(1) not allow
depreciation 81494 Rs for year, so
income after 80C deduction increased
to Rs 239570 & tax is charged on
same income. So refund is

Deepti Asawa

Deepti Asawa (Expert)
Follow

23 June 2014 You can file rectification u/s 154 and claim depreciation.

Message likes : 1 times

Rupesh Jain

Rupesh Jain (Expert)
Follow

24 June 2014 you have not mention the business income it may possible that you wrongly claim the deprecation in means of assets or rate of depreciation .

pls check if your claim is correct then you can claim rectification .

sunil tiwadi

sunil tiwadi (Querist)
Follow

25 June 2014 Deepti mam while filing rectification u/s 154 which option selected?? 1 or 2 ??
1)Taxpayer is correcting data in rectification
2)No further data correction required reprocess the case

sunil tiwadi

sunil tiwadi (Querist)
Follow

25 June 2014 Rupesh sir,
depreciation is on machinery and rate of dep.taken 15%.
so there is nothing wrong in asset type or rate of depreciation

Deepti Asawa

Deepti Asawa (Expert)
Follow

25 June 2014 first of all you should check your return. whether amount of depreciation show in depreciation chart or not. may be possible you selected wrong group or rate in the return. Then rectification file.

sunil tiwadi

sunil tiwadi (Querist)
Follow

25 June 2014 Deepti mam ,
All the information are correct as per original filed return.Group for assets & rate of depreciation is also correct.so there is no need to change data in return..It is income tax department who not allow depreciation while computing income from business.
So which option is selected while filing rectification
1)Taxpayer is correcting data in rectification
2)no further data correction required reprocess case
Which one ?? option 1 or 2 ??

Deepti Asawa

Deepti Asawa (Expert)
Follow

25 June 2014 If you have no correction in your return then you can file rectification with 2. option

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now