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 .
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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.