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ITR processed incorrectly.
Profit on sale of land was ₹2lakh which was shown in profit and loss account in ITR 3 and then it was deducted from total profit to arrive at business profit and this 2lakh was deducted through table "considered separately under other heads of income". which is correct treatment as per ITR form. LTCG after indexation was ₹1.25lakh. Department has not deducted ₹2lakh under the above mentioned table but they considered only ₹1.25 lakh due to which my business profit has been increased according to intimation and demand has been raised. So now what should I do ?
Replies (5)
You can file rectification request.
If it is for AY 2021-22, wait for the rectification window to open.
In rectification should I select reprocess or should I revise ITR ? And whether response to be submitted separately towards demand tab
BETTER REVISE IT WITH THE SALE OF LAND UNDER CAPITAL GAIN AND NOT UNDER PGBP HEAD.
I have shown under capital gain only. In profit and loss account it was credited then it was reversed under table "income shown under other head of incomes" as per ITR format. But under reversal table it should be ₹2lakh instead dept reversed only ₹1.25 lakh i.e. after indexation profit which is incorrect.
Have you received any notice if not wait for the notice. Then file a rectification request . Then file a revised return.
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