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Adjustment u/s 143 (1)(a)

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gauri agrawal

self employed

223 Points Posted on 18 February 2020

the assessee has received an adjustment notice whereby under the descripttion it is written
in schedule part b-ti exemption under clause of section 10 or exemption u/s 13b is claimed against heads of income in slno 13v of schedule part BTI. Assesses should have enter only taxable income in schedule hp, cg, bp and os.
what does this error descripttion means kindly help.
while filing the return income under the schedule os was shown and properly exemption was claimed.

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Quick Summary

This discussion clarifies an adjustment notice received under Section 143(1)(a) of the Income Tax Act. The notice indicates an error where exemptions under Section 10 or 13B were incorrectly claimed under 'IFOS' (Income from Other Sources) instead of the 'Exempt Income' schedule. The correct procedure is to report only taxable income in schedules like HP, CG, BP, and OS, with exemptions declared separately. It's advised to check and revise the tax return accordingly.