Intimation for Ay 20- 21 and wrongly calculated business income

Computron of business income wrongly calculated in the intimation - 1) Share loss from partnership firm is adjusted in business income , it is not shown in profit and loss account , but shown in capital account . 2) Gst and TDS shown payable in balance sheet also added in business income , but assessee paid before filing of Return u/s 139(1) and also written by auditor in Audit Report . Please advise in this regard .
Replies (2)
Quick Summary
This discussion addresses incorrect business income calculations in an AY 20-21 tax intimation. The issues include the adjustment of share loss from a partnership firm, which wasn't reflected in the profit and loss account but in the capital account. Additionally, GST and TDS shown as payable in the balance sheet were incorrectly added to business income, despite being paid before the return filing and noted by the auditor. Advice is sought on rectifying these errors.

Check the ITR filed properly, for the wrong posting if any.

If it is departmental mistake, file rectification request u/s. 164 of IT act.

Read sec. 154 of IT act, instead of 164.....

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 16 July 2026
CA Article

Pipara & Co. LLP.

Mumbai

CA Inter

View Details
Company
23 July 2026
Senior Accountant

Felicity Adobe LLP

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 15 July 2026
CA Articles

Kinjal H Shah & Co.

Mumbai

CA Foundation

View Details
Company
14 July 2026
Senior Executive/ Manager

H S SHARMA AND CO

Pune

CA Final

View Details
Company
ARTICLESHIP 07 July 2026
Articleship

Jawahar and Associates Chartered Accountants

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 10 July 2026
Article Assistant

N S Gokhale & Co

Thane

CA Inter

View Details
Company
Featured 16 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT, CA SemiQualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
ARTICLESHIP 17 July 2026
Article Assistant and B.com pass

BANSAL YOGESH AND CO

Gautam Budh Nagar

B.Com

View Details
Follow