Mistake in filling statement of income

while filling return of a society we file society income ( except interest income ) as business income and we show the interest received by apex bank as other sources

and claim whole income ( business and other income ) under 80 p


now department issue 143 (1) demand notice they allow deduction under 80p to the extent business income we declare.


my question whether I file revised return by showing whole income as business income and deduct whole income under 80p
or
rectification is necessary? if yes kindly provide link to do the same.

thank you...
Replies (3)
Quick Summary
A society incorrectly declared interest from an apex bank as 'other income' instead of 'business income' when filing their tax return. They claimed a deduction under Section 80P on this, but the tax department only allowed it on the declared business income. The user is asking whether to file a revised return or seek rectification, and if the interest from the apex bank is indeed eligible for 80P deduction.

Interest received bank is not deductible under section 80p and it is chargeable to tax
Sir interest received by apex bank is considered as business income to the society. but we wrongly declared as other source. @ Rama Krishnan
Only interest received on deposits made with co-operative societies are eligible for deduction under 80P and not interest received on deposits made with banks

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