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ITR-3 notice for AY 2019-20

Tax queries 445 views 4 replies

rishabhsharma

Article Assistant

140 Points Posted on 09 October 2019

Hello All,

we have received notice u/s 143(1)(a).

opening Stock of finished goods= 38970 shown in trading account.

Closing stock of finished goods= 34510 shown in trading account.

PBIT= 650637.

As per notice, deptt. is calculating PBIT of Rs. 655097.

Variance between PBIT= 4460.

4460 is also the difference between op stock and closing stock as shown in trading account.

can someone please explain the reason behind notice.

Thank you.

Replies (4)

Kamlesh Tolani

accountant

564 Points Posted on 09 October 2019

ENTRY MISTAKEN IN INCOME TAX WHENEVER YOU ARE FILE RETURN

143(1)(a) intimation correspondence is for apparent error adjustment and hence you recheck your ITR3 once again.

If you think it is not correct then reply online eFiling portal as "Disagree' alongwith brief reason.

CA Dhruva Kalamanji

Chartered Accountant

1996 Points Posted on 09 October 2019

It's will be a mistake aparent on record so kibdly re check the itr 3

Darshan Jain

137 Points Posted on 10 October 2019

Please check what is the amount of closing stock in Part A - BS or in case it is subjected to Tax Audit, check the entries in Clause 40 of 3CD. That may lead you to the possible difference. If everything is in sync, then this got to be a case study.. :)