Claimed exemption under wrong section
This query is : Resolved
05 July 2024
I have a client whose CA filed his return back in FY 2021-22, when he sold a residential property. He was supposed to construct another house with the sale proceeds and therefore he invested the same amount in the Capital Gains Savings Scheme of a Public sector Bank. Therefore, the Exemption should have been claimed under section 54. But his CA filed the exemption under Section 54EC, which is, I believe, is completely irrelevant as the he did not invest in NHAI Bonds or such other Bonds as specified under Section 54EC. I am trying to file an ITR-U to rectify the error but I can't as it shows an error that 'Tax payment cannot be Zero'. What can I do save this person from getting under scrutiny?
05 July 2024
Show some additional income and pay some tax then only your updated return will be accepted.
Message likes :
1 times
05 July 2024
thankyou sir for the help!
06 July 2024
I tried adding the income to the Other income, it still generates the same error that 'you are expected to have net payable amount more than zero to make tax payable u/140B". though, my new tax liability stands at around 3k. please help, as it is not generating Json.
06 July 2024
Try it today with add some more income so that tax liability is 5000 if the same problem persists raise grievances it will be solved.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
