Doubt regarding itr rectification

Select reason 2 & upload the new X M L file. (earlier utilities had no separate sav account interest details, hence the issue)

Originally posted by : Dhirajlal Rambhia
	Select reason 2 & upload the new X M L file. (earlier utilities had no separate sav account interest details, hence the issue)

Hi, Thanks for your reply

I got this notice for AY 2017-18 and i filled in ITR-2.

I downloaded the latest JAVA utility available for  ITR-2 AY 2017-18  (Last updated on 15 Feb 2018) and Schedule OS looks like the following :-

1 a)  Dividends

  b) Interest

c)  Rental Income

d) Others


I had entered SB(exceeding interest) + FD interest total in column 1b) Interest

for example if my total sb interest is 15000 and FD interest is 2000,

i entered the following :-

Schedule V1A    - 80TTA  :    15000        10000 (auto computed as deduction)

Schedule OS   -    1b) :  7000   (5000+2000)

 I dont know what is the change in XML i need to do  because the one i filed is the same as the one i have generated again now ? 

Please kindly guide me

Mistake is in schedule OS ..........   fill as follows......

Schedule OS   -    1b) :  17000 ....................   (15000+2000)
 

In my humble opinion you have under reported the income so you have to revise the return taking correct OS and correct  80TTA.  I doubt whether you can do this in rectification. Rambhia sir will tell that.

Yes, you are correct........ but here it may be accepted as apperent mistake in recording income u/h. OS, when the claim was already made in original and the same is declared as disagreement  to notice u/s. 143(1a) 

Moreover, there is additional tax liability declared by assessee !!!

Otherwise revision is  the only option.

Needs to be checked the reason for disallowance.........

You may verify the details and resubmitted fresh X M L file.

In case of any doubt, better get it verified personally by any tax expert.

Thanks...how do i see the reason of disallowance ? Should i submit the fresh X M L with the same content as that was filed with ?

By the way i just discovered my case is similar to this post https://www.caclubindia.com/forum/details.asp?quote=1916364&mod_id=476703 Seems like many people are getting the same issue

Well, if that be the case, call helpline...

1) in OS  1(b)(i) - Savings bank interest  - 15000

2) 1(b)(ii) - Term deposit  - 2000

3) 1(b) (iii) - others - 8000

In sch VI-A  80TTA you should take  15000 only .

Originally posted by : Dhirajlal Rambhia
	Well, if that be the case, call helpline...

The helpline numbers are useless as it always comes busy 

• 18001034455
•  +91-80-46605200

Originally posted by : SHIRISH S S

1) in OS  1(b)(i) - Savings bank interest  - 15000

2) 1(b)(ii) - Term deposit  - 2000

3) 1(b) (iii) - others - 8000

In sch VI-A  80TTA you should take  15000 only .

 

Should the FD Interest be included as 1(b) (ii)  ?  I thought it is different from Term Deposit.

A term deposit is an investment held at a financial institution. Your money is invested for an agreed rate of interest over a fixed amount of time, or term. Term deposits can be invested into a bank, building society or credit union.

Originally posted by : SHIRISH S S
	A term deposit is an investment held at a financial institution. Your money is invested for an agreed rate of interest over a fixed amount of time, or term. Term deposits can be invested into a bank, building society or credit union.

Ok...In my case im talking about ITR-2 of AY 2017-18

Schedule OS  has the following :-

1a) Dividends, Gross

b) Interest, Gross

c) Rental income from machinery, plants, buildings, etc., Gross

d) Others, Gross (excluding income from owning race horses)Mention the nature

e) Total (1a + 1b + 1c + 1d)

and others.....

I have mentioned 17000 in 1b)  and 8000 in 1d)3)