Anand Majmundar (28 Points)
17 January 2024A Communication from ITAX seeking clarification to me refers to the following:
Adjustment of Income araising u/s sec 143 (1)(a)(ii): Special income not taken into account while computing the total income.
Now I have had no special income that I know of. How do I trace and verify the amount that ITAX proposes to add to my Total Income under this Special Income head?
ITAX communication mention no source from where it claims such an income accountable to me.
Please assist.
Thank you.
Monu Khemaria
(6 Points)
Replied 17 January 2024
Sharath chandra
(Accountant)
(1227 Points)
Replied 17 January 2024
Anand Majmundar
(28 Points)
Replied 17 January 2024
Thank you. But this is too vague a direction to work it. We have claimed no deduction not are we aware of any Special Income that came out way. If there was mismatch in our ITR, how would it get accepted in the first place. We have no idea where to go looking for this. ITAX has provided us with no such breakup. Thank you.
Anand Majmundar
(28 Points)
Replied 17 January 2024
Thank you. But this is too vague a direction to work it. We have claimed no deduction not are we aware of any Special Income that came out way. If there was mismatch in our ITR, how would it get accepted in the first place. We have no idea where to go looking for this. ITAX has provided us with no such breakup. Thank you.
Sharath chandra
(Accountant)
(1227 Points)
Replied 17 January 2024
Anand Majmundar
(28 Points)
Replied 17 January 2024
Actually I believe that this discrepancy is in total income computation is due to losses in LTCG carried forward from previous year. This has been automatically adjusted in the ITR by system. Wonder why then is it pointing out as an ITR mismatch. Did we miss entering it somewhere?
Sharath chandra
(Accountant)
(1227 Points)
Replied 17 January 2024
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 January 2024
Saravanan nagaraj
(463 Points)
Replied 23 January 2024
Before submitting any reply to 143(1) check your AIS/TIS report which can be downloaded from IT portal.
Based on your PAN, all transactions will be noted down here.
Read intimation very carefully, then you find your mistakes. Ask experts help will save from ITAT legal proceeding.
Saravanan nagaraj
(463 Points)
Replied 23 January 2024
And also recheck your previous year losses which was automatically carry forward to this return. In case, you filed your tax return belatedly or after due date. This problem may be araisef. C/f losses can't be allowed in this return.
Anand Majmundar
(28 Points)
Replied 23 January 2024
Yes. C/F LTCG Loss is at the root of this mismatch. And since the System adjusted it automatically in ITR, there is no issue of it not being allowed. Seems to be their validation bug. Have responded to ITAX with these facts. Waiting for their response. Thank you.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 23 January 2024
| Originally posted by : Anand Majmundar | ||
 |
Yes. C/F LTCG Loss is at the root of this mismatch. And since the System adjusted it automatically in ITR, there is no issue of it not being allowed. Seems to be their validation bug. Have responded to ITAX with these facts. Waiting for their response. Thank you. |  |
Well...
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 23 January 2024
| Originally posted by : Anand Majmundar | ||
|
Yes. C/F LTCG Loss is at the root of this mismatch. And since the System adjusted it automatically in ITR, there is no issue of it not being allowed. Seems to be their validation bug. Have responded to ITAX with these facts. Waiting for their response. Thank you. | |
Well...
CAclubindia
