chandar R ( ) (225 Points)
13 November 2022In my AIS for A.Y.: 2023-24, TDS on Interest from 'Senior Citizen Savings Scheme' for Rs. 69300 for 2 Quarters from Post Office, is shown under the category "Business Receipts" with TDS under Section 194H (which is for Brokerage /Commission Received).
While the Interest amount and Tax deducted are correct, how to rectify the Section 194H /Business receipt category in AIS in which Options?
Kindly advise.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170915 Points)
Replied 13 November 2022
You can declare the income under head 'IFOS' ...
chandar R
( )
(225 Points)
Replied 14 November 2022
It is appearing in Form 26AS also under Sec 194H. How to rectify in Income Tax Portal AIS from Business Income category to Interest from Time Deposit category?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170915 Points)
Replied 14 November 2022
No, you cannot change form 26AS. But you can offer the income in IFOS head while filing ITR2 or ITR3.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 14 November 2022
Hi Chandar,
Why you want to rectify it from 194H to 194A on AIS in first instance. If you want to do that, you need to reach out to post office and ask them to file revised TDS by correcting section code. Looking at the volume of transaction post office usually has, this would be time consuming. All you need to do is to just declare income earned therefrom under income from other sources while filing return and you are done with it.
Regards,
Manoj
chandar R
( )
(225 Points)
Replied 15 November 2022
Thank you all for the guidance.
Dear Manoj,
I file ITR 2 regularly. My Worry/Query is it appears as Business Income in AIS and one with business income has to file ITR 3 or 4 (I am not sure). If I show it as" Income from Other sources", whether ITO/CPC will consider my ITR 2 as defective Return and reject it? As you are aware there is no way to inform the ITO about this mistake from post office. And I fully agree that Post office will never do 26AS rectification and standard reply will be 'every thing done by computer-we dont do anything'.
Can you find any solution and advise?
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 15 November 2022
Hi Chandar,
File it as ITR-2 showing that income under Income from Other Sources. As long as you are offering income tallying with Form 26AS, there would not be any issue. Commission income doesn't necessary to be reflected under profits and gains from business or profession.
Regards,
Manoj
chandar R
( )
(225 Points)
Replied 16 November 2022
Thank you so much Mr Manoj for the clarification. It relieves my burden.
Regards,
chandar
subhash Banik
(7 Points)
Replied 16 November 2022
All you need to do is to just declare income earned therefrom under income from other sources while filing your ROI and select IFOS from drop down boxes in the relevant pages of the ROI.
sabyasachi mukherjee
(27278 Points)
Replied 18 November 2022
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