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Income tax demand notice issued

15 February 2022

demand notice form income tax

business profit is 300000
share of loss firm amount is 450000

income tax demand notice issued profit is 750000

in the case loss of share from firm 450000 amount is not considered as a individual business income profit

nearly 100000 demand amount is issued.

what is solutions ??

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6 Replies

Eswar Reddy S (CFO- at NHTF) (58275 Points)
Replied 15 February 2022

Check whether it is positive or negative figure in ITR data entry

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Nishu Kotian (332 Points)
Replied 15 February 2022

Negetive figure share of loss amount 450000

Eswar Reddy S (CFO- at NHTF) (58275 Points)
Replied 15 February 2022

Check the IT computation & it's schedules

sabyasachi mukherjee (27603 Points)
Replied 16 February 2022

Check the accounts from where it is derived .
if there are some anamoly check the details.
File a revised return and pay the tax demand if it is correct otherwise not.

Nishu Kotian (332 Points)
Replied 17 February 2022

Return is correct partnership firm share of loss amount is taxable in individual account ??

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Eswar Reddy S (CFO- at NHTF) (58275 Points)
Replied 17 February 2022

There is no tax on loss ..

If share of profit is positive figure then also it's exempted..

Only interest & remuneration is taxable and not share of profit