IT Return filed defective u/s 139 (9)
This query is : Resolved
01 November 2024
Dear Experts.,
The gross receipts shown in Form 26AS are higher than the total of the receipts shown under all heads of income, on which credit for TDS has been claimed, in the return of income filed. Thus, while credit for TDS is being claimed in the return of income, the corresponding receipts are not fully disclosed in the respective income schedules. Hence, the return of income filed is regarded as defective, as per clause (a) of the Explanation under section 139(9).
I have declared interest income earned from savings bank and FD interest. Apart from this I have Cash Withdrawals of 1144000/- for which TDS deducted u/s 194 N Shall i declare cash withdrawals as income in ITR3 Please guide me. Thanks in Advance.
The gross receipts shown in Form 26AS are higher than the total of the receipts shown under all heads of income, on which credit for TDS has been claimed, in the return of income filed. Thus, while credit for TDS is being claimed in the return of income, the corresponding receipts are not fully disclosed in the respective income schedules. Hence, the return of income filed is regarded as defective, as per clause (a) of the Explanation under section 139(9).
I have declared interest income earned from savings bank and FD interest. Apart from this I have Cash Withdrawals of 1144000/- for which TDS deducted u/s 194 N Shall i declare cash withdrawals as income in ITR3 Please guide me. Thanks in Advance.
01 November 2024
No. Cash withdrawal is not income.
Check other TDS deduction as per Form 26AS, whether all the income as per the form 26AS are declared in ITR?
Check other TDS deduction as per Form 26AS, whether all the income as per the form 26AS are declared in ITR?
01 November 2024
Yes sir apart from I have sold residential property for Rs.7000000/- for which TDS is Rs.70000/- and purchase property @ Rs.5200000/- for which TDS @ Rs.52000/- and construction is almost complete LTCG is Nil and claimed full TDS of Rs.70000/-
01 November 2024
and the said sold property was gifted my grand father.
01 November 2024
Have you declared the transaction under schedule CG?
01 November 2024
Yes sir I have declared it under LTCG
Date of acquisition 17-Mar-14
Date of transfer 23-Nov-23
Sale consideration 70,00,000
Stamp duty value u/s 50C 70,00,000
Acquisition details Financial Year Cost Indexed cost
Gift-2550000*348/220 2013-14 25,50,000 40,33,636
Capital gain 29,66,364
Less: Exemptions Invested CG scheme
amount deposit Exemption
54: Investment in house property, Date - 29-Nov-2023 50,20,000 29,66,364
Taxable Capital gain 0
Date of acquisition 17-Mar-14
Date of transfer 23-Nov-23
Sale consideration 70,00,000
Stamp duty value u/s 50C 70,00,000
Acquisition details Financial Year Cost Indexed cost
Gift-2550000*348/220 2013-14 25,50,000 40,33,636
Capital gain 29,66,364
Less: Exemptions Invested CG scheme
amount deposit Exemption
54: Investment in house property, Date - 29-Nov-2023 50,20,000 29,66,364
Taxable Capital gain 0
01 November 2024
Then there should not be mismatch. Check which income is mismatched between ITR & form 26AS?
01 November 2024
for my knowledge the only mismatch is u/s 194N Cash Withdrawals sir?
01 November 2024
Sir What happens If I disagree the defective notice and submit response to the department?
01 November 2024
If you are sure, then disagree with the defect. Reason: TDS u/s. 194N is not income.
01 November 2024
The return will be verified for the claim and may get reprocessed as per suggested rectification, if their reason be correct.
01 November 2024
Thanks for your prompt reply sir.
01 November 2024
You are welcome.
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