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On 03 September 2024 at 03:11:42
In 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.
On 03 September 2024 at 09:03:15Dhirajlal Rambhia
SEO Sai Gr. Hosp.You can declare the income under head 'IFOS' …
On 03 September 2024 at 12:55:29Who told upto 5 lacs it’s exempted.
On 04 September 2024 at 11:30:32It 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?
On 04 September 2024 at 19:34:41Dhirajlal Rambhia
SEO Sai Gr. Hosp.No, you cannot change form 26AS. But you can offer the income in IFOS head while filing ITR2 or ITR3.
On 04 September 2024 at 23:11:32Manoj BG
Tax Professional and in ServiceHi 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
On 05 September 2024 at 22:32:43Thank 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?
On 06 September 2024 at 04:18:26Manoj BG
Tax Professional and in ServiceHi 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
On 06 September 2024 at 14:50:34Thank you so much Mr Manoj for the clarification. It relieves my burden.
Regards,
chandar
On 06 September 2024 at 17:25:53All 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.
On 06 September 2024 at 19:51:39Thanks and Regards for the suggestion
On 07 September 2024 at 16:23:39No need for any rectification at present.
On 08 September 2024 at 06:36:57Okay and Thank you Sir.
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