@ V. N Rao:
You can select the 2nd option - Taxpayer is correcting data in rectification and then select 11th reason I.e variance in tax computation/interest computation even though total income remains the same.
Please find attached the file for your reference wrt Rectification u/s 154
@ Karthik:
Could you please elaborate as to why is advance tax provisions applicable?
According to me, advance tax provisions is not applicable because there is no income chargeable under head "Profits from Business". The income that is derived from such partnership business is only share of profits which are exempt u/s 10(2A),I.e it does not form part of computation of total income
And as per Sec 207,
"(1) Tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219 (both inclusive), in respect of the total income of the assessee which would be chargeable to tax for the assessment year immediately following that financial year, such income being hereafter in this Chapter referred to as "current income".
(2) The provisions of sub-section (1) shall not apply to an individual resident in India, who—
(a) does not have any income chargeable under the head "Profits and gains of business or profession"; and
(b) is of the age of sixty years or more at any time during the previous year."
It does not state that any income received or receivable from business. But mentions that any income chargeable under the head Profits from Business
So accordingly I feel the advance tax provisions does not attract. And hence should approach for rectification u/s 154
CAclubindia
