Respected forum members,
For the last assessment year's (AY20) filing, i received a notice under 143 from IT last week.
I had filed my tax through the Cleartax portal and not through the Income-tax department.
The query from IT dept is very cryptic and need help to understand and respond to:
Quoted below is the received notice verbatim:
Particulars : In Schedule CG, Sl. No. 4a is not equal to sum total of the amount at Column no 14 of schedule 112A Hence, higher of the following amounts will be adopted for Sl. 4a of schedule 112A :- (i)Column no 14 of schedule 112A or (ii) Amount entered at Sl. No.4a
Amount entered in the Income-tax return - -₹99,764
Amount in ₹ As Computed - -₹94,136
Variance - -₹5,628
I checked internet and to some extent found that this was related to a capital gains mismatch (though not completely sure)
I could trace the amount 5628 as a Loss of sale of mutual fund units. This, i had reported in the cleartax portal upload xls as "MF other than equity" whereas it should have been "MF equity". Fund in question is HDFC BALANCE ADVANTAGE FUND - REGULAR PLAN - GROWTH
Seeking your advise on 1) whether i have understood the IT request and the problem correctly and 2) what to do next?
CAclubindia
