Difference in ITR values and computor processed values u/s 143(1)

Efiling 661 views 6 replies

Sir, 

Recently I received intimation u/s 143(1) in that  I have some queries. In ITR2 all values in Capital gain sheet was filled correctly and LTCG u/s 112A was automaticaly populated. but in intimation u/s 143(1) the cost of aquisition was not considered by cpc system.and the full value of consideration itself was taken as capital gain. full consideration = 270583 cost of aquisition =249611 Expense = 1353. so the capital gain auto populated was 19619 and total taxable gain was 0 as it is below 1 lac. But in intimation u/s 143(1) they have shown 270583 as capital gain and cost of acquisition as 0 and variance as -249611. Ofcourse there is no tax payable but I want to know where is the mistake. 

Replies (6)
@ Malhar
there is no error from your side.
log into efiling website.
find out whether there is any outstanding demand.
if not chk if there is any rectification .
sec 143(1) is invoked in the following cases:
it's an intimation and not scrutiny assesment.
File rectification u/s 154

But there is no tax demand for it. Tax payable is zero.

There's a heresy that cpc intentionally doesn't give credit to TDS (even though the same is reflected in 26as). similarly doesn't give credit to advance tax, self assessment tax paid since for processing ITR under 139(5) or under 154 it gets 3 times the amount given for processing under 139(1). don't know to what extent it's true. nowadays ITD receives lots of these kind of grievances

It has come in ET on 23/12/19 that system at CPS banglore has not considered deduction in respect of LTCG u/s 112A for hundreds of return filiers.

Glitches in ITR processing lead to bloated tax liability on capital gains

This has led to bloated tax liability on capital gains and denial of credit for TDS, among other issues.

By Sugata Ghosh, ET Bureau | Updated: 

Any further updates on this. My case also same. 


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