06 April 2008
Hallo I have filed a return for A Y 07-08 with tax Tax payment But unfortunatly I have assumed Standerd Deduction of Rs 110000 instead of Rs 100000 so tax liablity should increase by 1000. I have filled return on 31st march 2008
So what will happen now/What should I do now 1] Revised retun is not possible because filled on 31st march? 2]Pay Tax with penalty ie 1000+2%+penalty ? 3] wait for notice? 4] any other way?
07 April 2008
I pressume AY stands for Assessment year. The extended time under subsection (4) of section 139 is, before the expiry of one year from the end of the relevant assessment year.
07 April 2008
This is a case of apparent mistake of law.
To prove your bonafide pay the tax and intimate the department of the mistake committed enclosing the revised computation and proof of payment of additional tax and interest.
This step will help in getting penatly proceedings dropped if any started.
In the meantime if the department issues processing order adjusting the mistake and raising the additonal demand .......you have already paid the taxes ....intimate the fact to department
07 April 2008
I believe, u have to wait for intimation u/s 143(1) prescribing the tax payable by the assesee. At that time , u can pay the balance tax (ofcourse, inclusive of int)
05 April 2012
You have to wait for the intimation. The intimation will calculate the correct deduction and tax payable will come. Deposit the tax payable after the receipt of the intimation.
CAclubindia
