07 September 2009
Sir For A Y 2008-09 Mr X having salary income of Rs 600,000 and loss from house property due to interest on self occupied house loan of Rs 50,000 thus net income of 550,000 file form no 1 insteasd of form no 2, since form no 1 does not show the details of loss / income from house property the ITO demanded tax on amount of interest on self occupied house loan of Rs 50,000.
what should be done, should Mr X go for rectification u/s. 154 or file the revised return (the itr was filed on 31.7.2008 i.e. on due date)
CAclubindia
