Tax Credit Mismatch for Assessment Year 2022-23

269 views 9 replies

Amit Bansal

7 Points Joined September 2022

Hi Team,

Recently I received an Income Tax notice under Section 143(1) for demand.

This was due to a mistake in online software in picking the tax credit year. It is picking year as 2020 rather than 2021. I raised "Response to Outstanding Demand" and asked to clear the error and remove the unnecessary demand.

Now, 2 days back I got another letter under section 154 and asked to either pay the demand or file rectification.

Online link to file rectification under "Tax credit mismatch" is not available on online portla.

Please let me know how to proceed on this further.

Should i go for revised return? if yes, it asks for interest, not sure why.

Should i go for physical rectification request to my local AO? If yes, do we have any specific format for same?

Please help,

Thanks,

Amit

Replies (9)

CA Aakarsh Jain

10436 Points Joined March 2019

Hi Amit, don't worry. I'm leaving my details in your inbox. I will explain you what you need to do.

CA Aakarsh Jain
ca.ajaakarshjain16 @ gmail.com

sabyasachi mukherjee

28034 Points Joined May 2017

Send a intimation for rectification . file a revised return undervsection 154. If the demand is legitimate pay it. send details at sabyasachimukherjee7098 @ gmail.com

Amit Bansal

7 Points Joined September 2022

Send an intimation for rectification. how?? online not allowed for 2022-23.

file a revised return under section 154?? it calculates some interest and asks the same.

Demand is not legitimate and even in a notice it is written "The above return was processed u/s 143(1) vide DIN CPC/XXXX/A1/XXXXXXXX dated 03/08/2022 wherein a mistake(s) apparent from the record was noticed within the meaning of Section 154 of the Income Tax Act, 1961."

CA Aakarsh Jain

10436 Points Joined March 2019

Doing rectification will solve the problem. And we need to do it offline. I have leaved the details in your inbox. Please check.
Thanks

Amit Bansal

7 Points Joined September 2022

Hi sabyasachi mukherjee

Demand is not legitimate and there is no away to rectify online.

Do i have to revise now?

Thanks

CA Aakarsh Jain

10436 Points Joined March 2019

Hy Amit,
If you file revised return now then there is very little chance that it will get processed as your original return us already processed now and in revised return you are decreasing your tax liability.

It is suggested to file offline rectification as it will 100% get processed in your favor.

Thanks
CA Aakarsh Jain
ca.ajaakarshjain16 @ gmail.com