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IT return filed with mistakenly & to be rectify.

Others 232 views 5 replies
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)

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

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.

 

Dhiraj sir
thank you I want to know in rectification u/s 154 can I claim deduction and exemption if not shown in original return.

@ Bharath ...

As such any additional deduction or exemption/s cannot be claimed, but the addition made by CPC in this case can be rectified for its genuine claim.

Sir, my doubt is not claim any deductions and exemption in original return, so can I claim the deduction and exemption in rectification return.


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