Intimation u/s 143(1) - urgent please can u help - Income Tax

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 04 November 2011

check tax credit in 26AS and file rectification u/s 154

1 Like

Snehal (Learning Tax) (129 Points)
Replied 05 November 2011

Sir, Thanks for your prompt reply. We have already checked the Tax Credit, No details of either TDS or Sat is mentioned in Tax Credit in Form 26AS for A.Y 2008-2009 (However SAT of Rs. 1,07,300 is wrongly mentioned in 26AS as SAT for A.Y 2009-2010, I wonder when Form 26S is showing SAT as NIL for 2008-2008 then how have the ITO has correctly accounted Sat & why has he not accounted the TDS).

But we have the all the TDS Certificates. TDS deducted is on Bank Interest. I will go for rectification u/s 154, but am confused and unable to calculate the exact figure of Balance Tax & Interest to be paid. For representing the case, I should atleast know the said figure.

Can you please help reply my questions?

Can you help me with, what should be the right calculation?
No Challan accompanied with the said intimation, issued by the I.T.O?
Why is the intimation recd. So late after 10 months the post stamp is also of Dt. 1-11-2011?
What should be done in this matter?

CA MANIK KUMAR (Manager ) (710 Points)
Replied 10 November 2011

YOU HAVE TO PAY 234A, 234B,234C, INTERST

1 Like

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 10 November 2011

1) your return was filed more than one year of delay

2) recheck 26AS, and find tax credits,(TDS), unless it appears in 26AS, ITO can not allow the TDS credit., if the same is not reflected in your 26AS, you have to chase deductor , as they might have not filed the return properly.

1 Like

Snehal (Learning Tax) (129 Points)
Replied 10 November 2011

U. S. Sharma Sir, Thanks once again, we rechecked the Form 26AS, But No details of either TDS or SAT is reflected in the Tax Credit in Form 26AS for A.Y 2008-2009. Yes the return & SAT payment was delayed as informed earlier as the assessee is a Senior Citizen (70+) and was sick and his source of income is mainly from Pension and Bank Interest. But he is dedicated to keep his I.T File clear and pay Income Tax & Help the Nation.

As said earlier (SAT of Rs. 1,07,300 paid for A.Y 2008-2009 is wrongly mentioned in 26AS as SAT for A.Y 2009-2010, but the ITO has correctly accounted this Sat).

We have the all the TDS Certificates. As said earlier TDS deducted is on F.D Bank Interest and chasing Nationalized Banks to rectify their TDS returns that too for F.Y 2007-2008., is nearly difficult, they will say that we have already issued you TDS Certificates.

Dear Manik the assessee is ready to pay the interest on Tax. But calculations thereof in this scenario is a bit confusing.

Can someone atleast help with the correct figures of Interest calculations u/s 234A, 234B & 234C. As per our filled ITR & Calculations taking into account the TDS & SAT.

“Calculation as per our Filled Return:

A.Y 2008-2009: Assessee : Sr Ctz.

Net Taxable Income: Rs. 5,90,800/-

Tax.: Rs.1,13,240/-

E.Cess: Rs. 3,397/-

Total Taxes payable: Rs. 1,16,637/-

TDS: Rs. 9,369/-

SAT paid on Dt: 20-07-2009: Rs. 1,07,300/-.

Total Taxes paid: Rs. 1,16,669/-”

What would be the Interest payable u/s 234A, 234B & 234C?

The said intimation is recd late after 10 months the post stamp on envelope is also of Dt. 1-11-2011. What is the time limit for filling Application for Rectification u/s 154?

Please Help me out in the situation, an early reply is solicited!

Tanay Choksi (Student) (112 Points)
Replied 11 November 2011

Hi Shenal,

We are also facing some similar problems.

Firstly, Check counterfoil of challan to see which A.Y. is mentioned in it. If it A.Y. 2008-09 and since you have filed return in 2009 possibly I feel that there must be data entry error by Bank or NSDL(A.Y. 2008-09 considered as F.Y. 2008-09). Go for Correction of SAT for which you must write to ITO.

As regards TDS, recheck Form 16A to see if PAN of Assessee is correctly mentioned. If it is not correctly mentioned or in any other case go to the Deductor with print of Form 26AS and tell them that Tax deducted is not reflected online and they should file their(BANK OR DEDUCTOR) Corrected TDS Return after which TDS will be reflected in Form 26AS.

The assess will have to pay Interest U/s 234A, 234B, 234C but the same as calculated by ITO will be reduced once TDS deducted is reflected in Form 26AS

Also tell me sir whether you filed return physically or electronically(E-Return). This is because of your query that when SAT is not reflected in 26AS & the same shown in A.Y. 2009-10, ITO has given credit for the same.

Answer: If you have filed return physically(in ITO Ward) the you might have accompanied Challan with Return. So ITO included it in his Computation. And as TDS is not reflected in 26AS, he didnt give you credit for same.

Regards,

Tanay Choksi

Snehal (Learning Tax) (129 Points)
Replied 24 November 2011

We have prepared an application for Rectification u/s 154

Please can anyone confirm if the same is in order?

Dear Sir,

Please refer to the reference and subject cited hereinabove. With reference to the same I am to inform you that I have filed my Income Tax Returns for the A.Y --------------- in ITR-4 on Dt. --------------- Copy of acknowledgement of ITR-4 for the A.Y --------------- Dt. --------------- is enclosed herewith).

I had made payment of Self Assessment Tax of Rs. 1,07,000/- for the said Assessment Year ------, in Bank.

Further T.D.S of Rs. 9,369/- has been deducted by the Banks. (Copy of Form 16A – TDS Certificate is enclosed herewith for your kind reference.)

In your Intimation u/s 143(1), though the SAT paid has been duly reflected, but the T.D.S is neither reflected not considered.

Hence I am making this Application u/s 154, for Rectification of Mistake apparent and to bring to your kind Notice that T.D.S of Rs. 9,369/- has been deducted from my Income for Assessment Year----------. The details of the said T.D.S has also been duly mentioned in my returns filled vide ITR4. But the same has not been accounted in your aforesaid intimation for payment of Income Tax for the Assessment Year ----------.

Thus I request you to consider the said T.D.S of Rs. 9,369/-. Further the Interest calculated u/s 234A, u/s 234B and 234C totaling to Rs. 45,298/- has to be revised taking into consideration the T.D.S of Rs. 9,369/-.

Therefore I request you to rectify the said mistake apparent from the records & account the T.D.S of Rs. 9,369/-. and accordingly amend, revise & rectify the assessment and Intimation under section 143(1).

Please confirm if the said application is in order?

We have prepared an application for Rectification u/s 154

Please can anyone confirm if the same is in order?

Dear Sir,

Please refer to the reference and subject cited hereinabove. With reference to the same I am to inform you that I have filed my Income Tax Returns for the A.Y --------------- in ITR-4 on Dt. --------------- Copy of acknowledgement of ITR-4 for the A.Y --------------- Dt. --------------- is enclosed herewith).

I had made payment of Self Assessment Tax of Rs. 1,07,000/- for the said Assessment Year ------, in Bank.

Further T.D.S of Rs. 9,369/- has been deducted by the Banks. (Copy of Form 16A – TDS Certificate is enclosed herewith for your kind reference.)

In your Intimation u/s 143(1), though the SAT paid has been duly reflected, but the T.D.S is neither reflected not considered.

Hence I am making this Application u/s 154, for Rectification of Mistake apparent and to bring to your kind Notice that T.D.S of Rs. 9,369/- has been deducted from my Income for Assessment Year----------. The details of the said T.D.S has also been duly mentioned in my returns filled vide ITR4. But the same has not been accounted in your aforesaid intimation for payment of Income Tax for the Assessment Year ----------.

Thus I request you to consider the said T.D.S of Rs. 9,369/-. Further the Interest calculated u/s 234A, u/s 234B and 234C totaling to Rs. 45,298/- has to be revised taking into consideration the T.D.S of Rs. 9,369/-.

Therefore I request you to rectify the said mistake apparent from the records & account the T.D.S of Rs. 9,369/-. and accordingly amend, revise & rectify the assessment and Intimation under section 143(1).

Please confirm if the said application is in order?

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 24 November 2011

Put PAN no in the letter format

also try to make reconcillation of 26AS with your TDS form 16A, unless the TDS is reflected in 26AS, form 16A is useless paper for refund grant.

satish kumar voleti (A.C.A., (ICWAI)) (1686 Points)
Replied 25 November 2011

Since the amount of self assessment tax paybale is more te specified limit, Advance Tax is required to be paid , since advance tax is not paid hence 234C and 234B are leviable, since the return is not filed with in the due time hece 234A is also levibale, the above assessment order passed by the AO is correct except TDS, if you have TDS certificate ask the person who has dedcuted the TDS to file a revised TDS return so it can appear in form 26AS, other wise the TDS certificate issued is of waste.

Actually there is one more mistake in this assessment, if the TDS is not considered then the income which is shown in that particular TDS certificate should also not to be considered for assessment, so to that extent you income tax liability should be reduced.

CA AMAN KAMALIA (CA) (88 Points)
Replied 25 November 2011

HI SNEHAL

THIS PROBLEM IS COMMON IS 40% OF INTIMATION, SO DONT WORRY. FILE THE RECTIFICATION U/S 154 ONLINE. ONLINE RECTIFICATION IS VERY EASY AND EFFECTIVE WHERE YOU HAVE TO QUOTE THE CBDT REFERENCE NO. ETC.

OPTION OF RECTIFICATION IS AVAILBABLE IN THE E-FILLING AREA ONLY

SO ENJOY