10 January 2011
frnds assessee is govt employee for FY 04-05 RETURN FILLED 1aug 2005. Total income Rs. 123657/- tax 13732/- rebate eligible under sec88 Rs. 14771/- so deduction taken 13732/- after that other income arise Rs. 12806 receive from employer in which tds was deducted REVISED return filled 1st june 2010 declaring income 136463/- assesee receive interest from supper annuation fund which is neither shown in the orignal return nor revised return asst. order passed by dept and shown the total income as Rs. 123657 Rs. 8071 Rs. 12806 toatal income:-144534/- tax:- 17907/- less:- rebate 14000/- INCOME:-3907 ecess:- 78 TOTAL;- 3985 LESS TDS 1395 PAYBLE 2590 INT 234A 52 TAX & INTEREST PAYBLE 2642/- penalty proceeding 271 C has been itiated seprately.
but as per me deduction under sec 88 14771/- interest under 234A WOULD be for 1 month
i would like to know tax proceeding done by ITO is correct.
and please tell me the process of rectification of mistake under sec154/- against the asst order.
11 January 2011
tax calculation as regarding section 234A should be for 1 month.
as far as proceedings are concerned: section 271C has been applied for concealment of income. you will have to produce facts before ITO making him believe that the facts were not known to you before. only then you can save yourself from penalties u/s 271C
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