Correct Income Tax Return

Below are the receipts for the FY 2023-24, based on the receipts kindly confirm (ITR-2, ITR-3, ITR-4) which is the correct Return and what exemptions and deductions can be claimed while filing the return ?

1.Salary

2.Receipts on transfer of Virtual digital asset

3.Outward foreign remittance/purchase of foreign currency

 

Received Notice for IT dept for defect in return of Income (ITR-1).

You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.

 

 

Replies (20)
Quick Summary
This discussion addresses common issues with filing Income Tax Returns, particularly when ITR-1 is used incorrectly due to specific TDS deductions. It clarifies that sections like 194IA, 194S (Virtual Digital Assets), and others necessitate using more appropriate forms such as ITR-2 or ITR-4. The conversation also touches upon exemptions and deductions for Virtual Digital Assets, stating that generally only expenses directly related to the transfer are allowed, not broad exemptions.

All Income tax solution is here...

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File ITR 2 if you do not have any business activity.

thank you sir, 

Any  exemptions on Receipts on transfer of Virtual digital asset ?

 

thank you sir, 

Any  exemptions on Receipts on transfer of Virtual digital asset ?

 

No. only expenses related to transfer of VDA, if any.

No. only expenses related to transfer of VDA, if any.

There are no exemptions nor any expenses except the purchase price.

Thank you Mr Dhirajlal and Mr Akarshan.

Ok all income tax solutions are here.

You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.

Seek help to under the details of this notice 

@ Naman..

As per form 26AS, under which section/s TDS have been deducted?

Kindly help...got IRT notice as defective ...

"You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.

You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid."

My ITR-1 as per below detail 

  1. working in NGO service having some income as consultant  , TDS deducted by Employer by Rs 3XX0/=
  2. GST registed but filing NIL GST return from last several year, Now applying for cancellation
  3. filed ITR -1 from last several year, this AY-2024-25 also
  4.  ITR refund claimed for Rs XXXX as per 26AS -TDS amount
  5. Now got ITR Notice.

Need to reply to ITR dept

thanks , Rupak - Jaipur

Kindly help...got IRT notice as defective ...

"You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.

You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid."

My ITR-1 as per below detail 

  1. working in NGO service having some income as consultant  , TDS deducted by Employer by Rs 3XX0/=
  2. GST registed but filing NIL GST return from last several year, Now applying for cancellation
  3. filed ITR -1 from last several year, this AY-2024-25 also
  4.  ITR refund claimed for Rs XXXX as per 26AS -TDS amount
  5. Now got ITR Notice.

Need to reply to ITR dept

thanks , Rupak - Jaipur

Whether any TDS has been deducted u/s. 194C?

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