Rectification u/s 154

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2011 Filed ITR-4 for AY2010-11, Intimation U/s143(1) received demanding tax. The demand raised due to wrong inclusion of Short term Capital Gain as Speculative Profit in BP Sheet while this is also included in Short term capital gain in ITR-4. Thus same income considered twice by the department and taxed. If I rectify the Speculative profit row in BP sheet then there will be no variation of income from my Original Computation and tax liability assessed by me. Whetehr this rectification will be acceptable by the Dept.? Can I go for rectification u/s 154 on the ground "mistakes apparent from record".? How long it will take to process rectification return?

CA Hardik Bunha

CA Hardik Bunha (Expert)
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13 October 2011 Yes you can make rectification ON-LINE.
You done process in right manner simply make xml file(NEW WHICH IS IMPROVED) and upload in rectification page in last column.
you have to enter REASON as processing mistake in itr, in rectification page.

then print acknowledgement of rectification which will provided by income tax department suddenly online.

ur rectification will be proceed and new 143(1) will be issued.