nikil poojara (article) (28 Points)
03 October 2014I have received a demand under section 143(1) from Income tax department. Because I have wrongly taken saving bank interest under business income rather than other sources income. So, they have not considered the deduction under 80TTA. For that reason, they have raised a tax demand under 143(1).
So, kindly request you please guide me how to rectify the tax demand raised under 143(1).
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 05 October 2014
file a rectification return by showing seperately the interest income by deducting the same from the businees income. The interest income must shown in the Income from other sources.
nikil poojara
(article)
(28 Points)
Replied 05 October 2014
| Originally posted by : kanagaraj | ||
 |
file a rectification return by showing seperately the interest income by deducting the same from the businees income. The interest income must shown in the Income from other sources. |  |
under which section I have to file rectification. because I have not found the section 143(1) & 154 in the ITR form for uploading the XML on the website.
So, I request u please guide me that under which section rectification file and upload the XML file on the website.
CA Prakash
(Chartered Accountant)
(475 Points)
Replied 27 December 2014
Fresh / additional income cannot be accepted in rectification. Hence you have to file a revised return provided the original return is filed within the due date or time limit to file revised return is not exceeded. refer more at https://www.simplifiedlaws.com/frequently-asked-question-faq-on-processing-it-return-and-rectification-application/
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