04 January 2014
For AY 2012-13, I have received an intimation U/S 143(1) with a demand amount of Rs 8136. In my Income Tax return I declared total Income after deduction as 598973 including the capital gain of 36900 (from Short Term Share Market thru NSE). Total tax deposited was 53349 and I requested a refund of Rs. 1128. But the intimation shows the capital gain as 73800 (just double) under the column As computed Under section 143(1). I had calculated 15% tax on capital gain. Please inform whether I was wrong and the demand is OK ? If no please suggest remedy.
05 January 2014
There are only two remedies available under the law 1) First you can file an online Rectification u/s 154 asking to reprocess the return again.
2) File an appeal to CIT(A) in Form 35.
Recently I had 3-4 cases wherein it was a technical error from Govt side due to which in one of my client case, STCG of Rs. 1,00,500/- was doubled to Rs. 2,01,000/- . We filed an appeal to the CIT(A) and won the case.
If you wish , mail me your email id and intimation and I shall send you a submission in this regard. My email id is mehul@raseshca.com
However, it is better to consult your regular CA in case you have one as the rights in the Act are time bound ie you need to file an appeal before 30 days from days of receipt of notice.
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