80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2012 Dear Sir,
Suppose net profit u/s 44AD is Rs. 240000/-in AY 2012-13 and assessee's 80C investment is Rs. 80000/-.
Whether he can claim these Rs. 80000/- to get full exemption in AY 2012-13.
Please advise me.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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12 December 2012 Yes he can. No problem in this.

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2012 Actually, I did the same, however cpc has considered his 80C only Rs. 123/- in intimation u/s 143(1).
There are two columns side by side in intimation u/s 143(1).
In my case, it is thus -
deduction u/s 80 in return - Rs. 80000/-

As comuted by cpc - Rs. 123/-

I am wondering that from where cpc got this sum.

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CA CKP

CA CKP (Expert)
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12 December 2012 Same thing happen to one or my client,in this case Deduction u/s 80C, in both column shows same amount but in total deduction column, amount shows only 1322 which is same figure of Interest income.
I thought there should be some clerical error.

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2012 yes, obsolutely same case and the same has been happened in 3 cases and cpc calculated tax also on 80C amount. Now please suggest me what is the remedy for the same.

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2012 Please reply soon.

CA CKP

CA CKP (Expert)
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12 December 2012 I have filed online for rectification

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2012 There are one option to select while uploading the rectification -

Rectification request type -
1. taxpayer correcting the data in rectification.
2.No further data correction is reqired, Reprocess the case.

Which opition I should select in the above case, as there is no change in data from my end but I want cpc to consider 80C amount.
Please advise me.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2012 Please reply

CA CKP

CA CKP (Expert)
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13 December 2012 select 2nd option, it will show further 3 options, select the options of computation of tax