I am a salaried person in the 30% tax slab. My only source of income is salary plus some amount from equity investment.
As you all know, from this year (AY 2017-18) there is an option to declare the Exempt income (For reporting Purposes) in ITR-1.
I had declared this and I got an email 'Communication of proposed adjustment u/s 143(1)(a) of Income Tax Act, 1961'with following
Addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total
income in the return-143(1)(a)(vi)
The difference is exactly the same amount that I had declared as exempt income. Was it wrong from my side in declaring my long term capital gains from equity in the exempt income section ?
How should I respond to this notice ? Could anyone please advise ?
Thanks and Regards,
Kamal
CAclubindia
