Hi All,
I really need some advice here.
I recently received an email for Demand Outstanding and to be paid to the tune of about 30K. On the Income tax efiling website I requested for the Intimation U/S 143(1) document and received the same today. The document has completely shocked me and I cannot understand what is going on in it.
|
As Provided by Taxpayer in Return of Income |
As Computed Under Section 143(1) |
|
| GROSS TOTAL INCOME | 3,92,591 | 4,42,411 |
| DEDUCTIONS UNDER CHAPTER VIA | 1,04,776 | 4,776 |
| TOTAL INCOME AFTER DEDUCTIONS | 2,87,815 | 4,37,640 |
Rest of the document shows correct values for TDS etc.
Now due to the difference in the 'GROSS TOTAL INCOME' & 'DEDUCTIONS UNDER CHAPTER VIA' in the document, the document shows that I am liable to pay additional tax to the tune of 30K (approx).
I have checked my Form-16 for this AY and it clearly shows the below values:
GROSS TOTAL INCOME = 3,92,591
DEDUCTIONS UNDER CHAPTER VIA:
(a) Section 80C = 100,000 (the breakage of this is also clearly specified in the Form-16)
(b) 80D = 4,776
Aggregate Deduction amount under chapter VI-A = 104,776.00
Now when my Form-16 shows all these details clearly, I have two queries:
- How is the GROSS TOTAL INCOME As computed under Section 143(1) more than what is specified in my Form-16?
- I can clearly see that the Deduction considered in the 143(1) document only take the 80D deductions under consideration. Why has it not taken the Section 80C deductions?
Please advise what should I do.
CAclubindia
