In one ROI, i took deduction of interest on bank deposite u/s 80TTA but as i didnt show the corresponding income separately under Income from other Sources (But included in business income by mistake), i got demand of tax for the said amount in 143(1) notice, now should i go for rectification u/s 154 or revise return u/s 139(5)?
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Should rectify return or revise return
Replies (3)
while rectufying you have to upload revise return if any.. and mention there why you revised and what mistake occured
You should revise the return under section 139(5) of IT act 1961 and you need to state the reason of such changes which may be necessary for the AO to compute your income from the revise return.
Sir, i had done a mistake at the time of filling the return i.e i had claimed TDS of two parties in the name of single deductor due to similarity of name, now income tax department has disallow the TDS of a party out of two, whose TAN no. is not matched.
Now my query is, should i go for rectification, if yes then what is procedue to rectify the reurn.
THANKS IN ADVANCE. PLEASE REPLY
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