Dear team
one of my client have received a notice regarding like sufficient tax not paid for AY 2023-24
He is filed his return with a refund of 65000 and after filing the return he recieved another tds amount but it's can not claimed in that period so he is filed an updated return by with hike in income and pay tax utilising the excess tds credit for the purposes of loans
Now the demand of 1lakh arrived the sufficient tax not paid for the income in updated return
what's the solution for this ? Can I rectify the return ?
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Rectification of demand return
Replies (2)
Solution: 1. Rectify the Return: Yes, you can rectify the return by filing a revised return (u/s 139(5)) within the prescribed time limit (usually 1 year from the end of the relevant AY).
2. Pay Additional Tax: Pay the demanded amount of Rs. 1,00,000, plus interest (if applicable), to avoid further proceedings.
3. Claim Relief: If you've already paid the demanded amount, you can claim relief by filing a rectification application (u/s 154) with the AO (Assessing Officer).
Remember, rectification is allowed only for arithmetic errors, factual errors, or bona fide mistakes. Ensure you have a valid reason for rectification and follow the proper procedures to avoid any adverse consequences.
Rectification of demand return
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