13 March 2012
Dear Friends, As you are aware that under mutuality concept, co-op hsg soc is not required pay Income tax in respect of the income being surplus remained after meeting expenditure. ITR-v has been filed which resulted into tax liability on account of mistake in filing data. I opted for the rectification u/s 154. The said rectification is rejected as under. "TAX HAS BEEN COMPUTED CORRECTLY, ON THE INCOME RETURNED BY THE ASSESSEE. FRESH CLAIM FOR CHANGE OF INCOME IS NOT ALLOWABLE. U/S.154, AS THE SAME IS NOT A MISTAKE APPARENT FROM RECORD. ANY SUCH CHANGES CAN BE MADE ONLY UNDER THE PROVISIONS OF SEC.139(5), OF THE INCOME TAX ACT.IN VIEW OF THE ABOVE, THIS RECTIFICATION APPLICATION IS REJECTED." PLEASE ADVISE
13 March 2012
it would be better if you check the status you have filled while furnishing the return. and if it is correct, the reply given by the department is correct. or rather you should try filling manual rectification with concerned ward.
CAclubindia
