In 3CD report, the income from partnership firm ( Remuneration, Interest and profit ) was reported under clause 16. i.e. Amounts not credited to the profit and loss account. i.e. any other item of income.
In Income tax return , Remuneration and Interest were reported under clause 24 (Any other income not included in profit and loss account )under schdule BP and Profit from partnership firm is reported under sr no 3(Other exempt income) under schedule EI. Hence all income reported in Tax Audit report is reported in Income Tax Return.
The 143(1) is processed with adjustment and demand mentioning ''There is inconsistency in amount mentioned in return at Sl. No. 5(d) of Part A OI "Any other item of income" and Tax audit report ''. We have submitted reponse, rectification for reprocessing and grivance, but portal is processing same as 143(1) only i.e. with demand .
Kindly guide us how to resolve this.
CAclubindia
