Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

IT return filed with mistakenly & to be rectify.

294 views

Save Share

bharath

student

39 Points Posted on 02 February 2020

Dear sir/madam,

AY 2017- 18 ITR FILED but EPF withdrawal amt rs. 99,940 forgot to show income tax original return. however ITR processed issued u/s 143(1) notice with added back pf withdrawal amount & added back liability. my client reply u/s 143(1) notice regarding o/s liability disagree with demand & filed return U/s 119(2)(b) returns with wrong values & not claim any deduction.

Please suggest me how to proceed with this situation.

Now I want to show correct income and claim correct deduction & i will pay balance tax liability.

Thanks in advance

Regards
Bharath

Replies (5)

Quick Summary

A user mistakenly filed their IT return for AY 2017-18 without declaring an EPF withdrawal of £99,940. The IT department processed the return and issued a notice under section 143(1), adding back the EPF amount and creating a tax liability. The user then filed a response under section 119(2)(b) with incorrect values and no deductions. They are now seeking advice on how to correctly declare income, claim deductions, and pay the balance tax liability, specifically asking if deductions can be claimed during rectification under section 154.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121543 Points Posted on 05 February 2020

Rectification u/s.154 of IT act can be filed for any apparent mistake till six years ... check out...

Monu Prajapati

60 Points Posted on 05 February 2020

withdrawl of epf is not allowed during the employement except when there is an emergency of medical and house purchase or construction, and another thing is withdrawl of 90% epf can be done at the age of 55 years or 1 year before the retirement, now you need to assess the situation applicable on your client.