I have received a demand under section 143(1) from Income tax department. Because I have wrongly taken saving bank interest under business income rather than other sources income. So, they have not considered the deduction under 80TTA. For that reason, they have raised a tax demand under 143(1).
So, kindly request you please guide me how to rectify the tax demand raised under 143(1).
file a rectification return by showing seperately the interest income by deducting the same from the businees income. The interest income must shown in the Income from other sources.
| Originally posted by : kanagaraj | ||
 |
file a rectification return by showing seperately the interest income by deducting the same from the businees income. The interest income must shown in the Income from other sources. |  |
under which section I have to file rectification. because I have not found the section 143(1) & 154 in the ITR form for uploading the XML on the website.
So, I request u please guide me that under which section rectification file and upload the XML file on the website.
Fresh / additional income cannot be accepted in rectification. Hence you have to file a revised return provided the original return is filed within the due date or time limit to file revised return is not exceeded. refer more at https://www.simplifiedlaws.com/frequently-asked-question-faq-on-processing-it-return-and-rectification-application/
Gowra Ventures Pvt Ltd
Hyderabad
CA
View Details
VIKAS VERMA & CO
New Delhi
Others
View Details
CAclubindia
