Re hsg soc it return
This query is : Resolved
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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
