29 May 2015
i have filled income tax returns on 30/3/2015 assessement year 2014-15. on 26/5/2015 received intimation u/s 143(1) from the department. now come to know that i had arthamatical i.e interest on saving bank a/c 17816 instead of Rs 520 please tell me futher processure?
29 May 2015
plus rectification applications are not used for errors on the part of assessee. rectifications are filed for mistake apparent on records. error in reporting interest wont fall in it as such..
29 May 2015
there is no remedy. One cannot use rectification as a proxy to revision. The error is on part of the assessee, therefore he/she cannot claim rights that are available only to section 139(1) returns.
29 May 2015
so u mean to say if later the department finds the defualt it will lead to tax evasion and assessee must not inform the itd and bear the consequences?
29 May 2015
i am not saying dont inform the department..if there is any untaxed income, then pay tax on it and inform the AO through a letter.
But, section 154 is not available for such a change in return in case of belated returns. Please note that 154 is filed for rectifying errors in the order and not the return.
So unless the intimation has picked up a wrong value from the return or has wrongly treated an item in the return, it is not a mistake apparent from record.
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