I have received intimation u/s 143(1), demanding me to pay more tax. The difference in income calculated in my ITR vs 143(1) arises from the "Deductions under chapter VIA". Specifically an exemption of Rs.10000 claimed under Section 80TTA(in my ITR), for savings account interest is not considered by calculations under 143(1). This is probably becuase that Rs.10000 under 80TTA was not specified in my Form-16.(I didn't declare it to my employer)
I am understanding that paying that extra tax is not an option since claiming Rs.10000 exemption is perfectly legal even if it is not mentioned in my form-16 from my employer.
Please let me know how to proceed with this notice.
CAclubindia
