Regarding sec 44af of income tax act

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If while filing the return the assessee has erronously specified rate u/ s 44AF @ 50% or some higher rate but paid taxes at normal rate which he usually offers from the last many years @ 12%..but the AO considering the higher rate of 50% issues a demand..

what is the remedy available to the assesse???

any supporting case/ section/notification / circular???????

 

Replies (2)

In that case you have to file a rectification petition u/s 154 of the act with the concerned A.O.

In that you mention the mistake and the subsequent change you want to incorporate.

Regards

Thanx sir...but can u quote sum related case or sumthng else 2 support our claim 4 reduction in already declared income at higher rate by mistake

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