44AF
This query is : Resolved
27 July 2010
retuned filed for A.Y 2009-10 on presumptive basis showing business income @8.5% of turnover.However Intimation received alongwith a demand notice where income is assessed @17% i.e double of returned income.Is it correct? how it can be rectified u/s 154? please advise.Returned filed with CPC bangalore.
27 July 2010
APPLY DIRECTLY TO CPC U/S 154 MENTIONING COMMUNICATION REFERENCE NO.
27 July 2010
Is there any prescribed format for application?Detailed procedure please.
27 July 2010
Format:---
To
The I.T.O Ward-..., Kolkata
..............
..............
...............
Dear Sir,
Ref: - Your Intimation U/s 143 (1) dated: ........ for the A.Y ........, Received on ........ (PAN ..........)
Sub: - Rectification of Intimation U/s 154 of the Income Tax Act, 1961.
I have received your above mentioned intimation U/s 143(1) of the Income Tax Act which is showing a demand of Income Tax of Rs. ....../-
In this connection i want to bring in to your kind notice that in our income tax return we had shown income of Rs ......../- on presumptive basis u/s 44af (rate 8.5%) but in your calculation the income is showing double.
I therefore request you to please rectify your above mentioned intimation U/s 154 and issue a rectification order to that effect at the earliest.
Thanks you,
Yours faithfully,
(..................)
To
The I.T.O Ward-..., Kolkata
..............
..............
...............
Dear Sir,
Ref: - Your Intimation U/s 143 (1) dated: ........ for the A.Y ........, Received on ........ (PAN ..........)
Sub: - Rectification of Intimation U/s 154 of the Income Tax Act, 1961.
I have received your above mentioned intimation U/s 143(1) of the Income Tax Act which is showing a demand of Income Tax of Rs. ....../-
In this connection i want to bring in to your kind notice that in our income tax return we had shown income of Rs ......../- on presumptive basis u/s 44af (rate 8.5%) but in your calculation the income is showing double.
I therefore request you to please rectify your above mentioned intimation U/s 154 and issue a rectification order to that effect at the earliest.
Thanks you,
Yours faithfully,
(..................)
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27 July 2010
WELL EXPLAINED BY PYNE JI.
27 July 2010
Thanks for the reply.Can the assessing officer assess the income at a rate higher than the rate declared by the assessee under sec 44AF as in the present case viz. 17% as against 8.5%?
27 July 2010
There are many mistakes being crept in while processing the returns like the one mentioned above and please send it for rectification to CPC. If rectification not done then file appeal against CIT(A) against the same.
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27 July 2010
while processing the return u/s 143(1) the AO, if income is shown u/s 44AF applying the rate more than 5%, can not apply the higher rate as applied by the assessee
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