Intimation under section 143 (1)

ITR 5495 views 4 replies

Girija

manager

24 Points Joined November 2011

Hi,

I recently received an intimation under section 143 (1) pertaining to my 2011 -12 ITR. The intimation calculates my taxable salary higher than what I had filed. After carefully looking at the reason for difference I found out that I had put the TDS details in sheet TDS from Form 26AS line by line as it appeared. However, in the "taxable income"column prior to the TDS , I had put the values from Form 26AS which actually do not match what my form 16 says. I have two sets of form 16 having changed company during the year and part of my confusion was that some bonus amount that came in March, wasn't included in my current company's Form 16 and whether I mis-calculated the amount. That does not seem to be the case.

I have following queries:

1. Why should the Form 26AS column 502 "Amount Paid/ Credited" be different from taxable income ? If so, what does this column includes .. because in some months it matches my payslip but in others it does not.

2. What should be my preferred action? Can I file a rectification u/s 154 or should I file a revised return? (The intimation letter says that I can file a rectification application"

3. How to go about filing such rectification and what happens next?.

Appreciate any guidance that you may be able to provide. Many thanks!

~Girija

Replies (4)

swathi

Accounts Officer

349 Points Joined April 2009

If you have all relevent proofs related to your income and tds amount, then you can go for revised return first and then online rectification u/s.154 for the same.

Reasons for tax libility due to you have More than ONE Form 16 during the Assessment Year. Generally, if there is a change in employment and if the previous employer details are not furnished to the next employer, Tax Liability will arise. This is mainly because of considering basic tax exemption limit by all the employers in the year

Please note that if your tax liability exceeding Rs. 10,000 in a financial year, the same should have been paid in installments, i.e., 15^th September (30 % of total Tax Liability), 15^th December (60 % of total Tax Liability), & 15^th March (100 % of total Tax Liability) of a financial Year. Since that is not done by you, Interest will be levied under Section 234 of Income Tax Act, 1961. Accordingly you can view interest computed (If Tax is > Rs. 10,000 only) in your computation statement.

Gajanana Pai

CA Final Student

38 Points Joined August 2011

I am suggesting you to go as per Form 26AS.Unless you check Form 26AS before filing the return, then there may be an error because, I.T Dept. accepts the data as per Form 26AS. So In this case you have to file a revised return provided, your original return should be filed within due date i.e July 31st 2011.

Thank You.

DILIP MEHARIA

MANAGER

39 Points Joined August 2010

I think you can check below things before filling Rectification u/s 154

1) Your Form 16 is correct or not

2) TDS deduction showing in FORM 16 reflecting in 26AS.

3) XML file showing same figure with your excel return ITR form

4) Reason of Income difference as per intimation u/s 143(1)

After that you may file online rectification U/S 154.

muthulakshmi

ca student

113 Points Joined January 2009

Hi..

First reconcile ur form 16 and in 26as amt paid or credited.. There may be some error in ur form 16 too.. IT dept wil go only by 26as.. so check with pay slip and 26as too and bonus and so..

Then check whether slab rate is correctly took for calculation. Usaually ppl with 2 form 16 end up in paying tax bcoz of change in slab rate when all the income is aggregated..

even still if no error on ur side do online 154...