Regarding tax notice - Q & A Forum

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sjr_ravi82 asked 8 years ago

Hi Team, I got notice with following details "Income as per Form 26AS which has not been included in computing the total income in the return-143(1)(a)(vi) " Mismatch Amount is Rs. 18951. this mismatch amount was interest earn on saving account and bank has already deducted and deposited TDS 10% of this amount i.e. Rs. 1895. it is also showing up under " TDS2- Details of Tax Deducted at Source other than salary " section that Tax Deducted rs. 1895 Now when I try to submit revised ITR and include this Rs. 18951 then form shows tax liability of around Rs. 2000 toward me. Now I have below 2 questions, Please advise.

if bank already deducted and deposited Rs. 1895 then why it asking extra rs. 2000. if I pay and submit revised ITR than will I get refund of extra amount?
Should I submit revised return " under section: 139(5) "??

3 Answers

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Sreekanth Staff answered 8 years ago

Hi, Did you show this TDS amount (interest income on Savings ac) in your filed ITR? Did you include this income in your ITR? May I know your income tax slab rate for the respective financial year?

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sjr_ravi82 answered 8 years ago

Hi, Please find my answer below inline.
Did you show this TDS amount (interest income on Savings ac) in your filed ITR? (Ravi) : No I forgot to mention in ITR
Did you include this income in your ITR? (Ravi) : No
May I know your income tax slab rate for the respective financial year? (Ravi) : 20%

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Sreekanth Staff answered 8 years ago

Hi, Ideally you should have included the income and TDS as well. Also, if you are in 20% tax slab and bank deducts TDS @ 10% then you are liable to pay the remaining balance tax rate of 10% to the IT dept. Suggest you to kindly consult a CA & file return in response to the Tax notice. Related articles : https://www.relakhs.com/misconceptions-on-tds-tax-deducted-at-source/

sjr_ravi82 replied 8 years ago

Thanks Sreekanth for your quick response! I really appreciate your help.

Last question: Should I file revise ITR ” under section: 139(5) ” ? If not then which option I should choose?

Sreekanth Staff replied 8 years ago

Hi..You may kindly check the IT notice for the applicable section under which you can re-file your ITR. Suggest you to kindly consult a CA.

sjr_ravi82 replied 8 years ago

Ok, Thanks!