Dear Experts,
On behalf of My client being an Individual covered under tax audit I have filed ITR-4 online within specified due date relevant to Asstt.year 2014-15.
Now I have received intimation under 143 1(i) of I.T.Act from CPC Banglore with demand.
When i reviewed the same i have found a mistake detailed as under:-
- Total FDR Interest which is included in Profit & Loss Account has not deducted from Business Income though the same have shown separately under Income from other Sources Head.That's why the dept has raised the demand by considering the higher Business income along with Interest. Actually it is not being so.
Now query is whether a rectification can be made under 154 based on the said intimation & our mistake appears from the record or i have to revise the return under 139(5)of I.T.Act.
Please reply immediately.
CA SANJAY BAHETI
CAclubindia
