25 December 2021
Intimation u/s 143(1) has been received. Tax is calculated @ 30%. However The company is liable for Tax @ 22% u/s 115BAA. Now in the said intimation taxable income has been revised and tax payable is calculated @ 30%. Revision in Income is correct. Because of difference in tax rates demand is raised. My question is whether the above mistake in tax rate can be rectified u/s 154 of the I T Act
CAclubindia
