How To Agree To Income Tax Notice Under 143(1)(A) Due To Variance In Income And File Revised Return: If the person has received the income notice under 143(1)(a) due to any variance in income as a mismatch with 26AS and the details are correct. Then the individual has to file a revised return after agreeing to the notice. This article gives the step by step to revision of the Return. As per Form26AS, due to Interest on Fixed Deposit, it also shows how to file Revised Return to Income Tax Notice for Variance.
Suppose an individual has received an income tax notice for Inconsistency in Salary Income and Form 26AS. In that case, they should read the article on Income Tax Notice for Inconsistency in Salary Income and Form 26AS.
Due to variance in income, how to agree to income tax notice under 143(1)(a)
If one has not filed the original return before the due date (31St July of assessment year), one can’t file a revised return.
How To Calculate The New Tax Liability
Calculate the net tax liability of an individual, which appears as a variance, by adding the income.
For example, if a person had not shown Income From Fixed Deposit, then they need to add it as Income from other sources. Under section 234A, if any tax due, one would not have to pay interest, but one may have to pay 234C, 234B interest if due.
Any individual can pay the self-assessment tax using Challan 280 offline or online. Please use the correct year of assessment. Please save the receipt of the paid Challan.
By logging on to the income tax website- click on File Revised Return.
Click on My Account-> eFiled Returns.
One can choose the option Quick eFile.
Show the New income deducted TDS, which was not mentioned earlier
New tax paid
Show Revised Return.
How to Filed the Revised Return
For filing the revised return, all individuals will be required to enter the date of filing the original Return and the acknowledgement number in the revised form. If one more than once files a revised return, then at first and every subsequent revision, one will have to enter the filing date and the acknowledgement number relating to the original Return only. One can file a revised return through physical mode or online.
Steps To Fill the Form
- PART-A General (Fill Excel ITR form: Personal Information, Filing Status)
- For Whether revised or original return, select the R-Revised option.
- For Return filed under section opt for Revised 139(5) option.
- Enter the receipt number for E-filing acknowledgement from the ITR-V, which one would have got after filing the original Return.
- Check all the inputted Details again and Submit.
- One will get a new ITR-V considered as the revised Return.
- E-verify, all the revised Returns of the individual or send across both revised and original Return ITR-V forms within 120 days to the IT department Bangalore.
- Go to the table-Proceeding.
- Please click on the link of ‘Proceeding Name’, and the person will be taken to the next screen
- Under the response option, click on the Submit button and then select the type of response the individual wants to choose, i.e., Agree/Disagree/Partially Agree.
- If one needs to select Agree, the system will auto-populate the acknowledgement number of the latest revised Return one has filed in response to the intimation.
- After selecting ‘Agree’, click on submit button.
- And File Revised Return.
- For any Variance File Revised Return to Income Tax Notice as per Form26AS due to Variance with Salary Income.
- One has to file the revised Return under section Revised 139(5).
- So, say No to the Question Are you filing u/s 119(2)(b)/92CD.
For Income Tax Department, the Source of their Salary Income is the Total Amount Paid/credited in Form 26AS
On the website of incometaxindiaefiling.gov.in of ITR1, a quick e-File ITR option IS available and pick the amount in the column of “Income under Salary”.
So, if one look at Form 26AS and Part A, which shows the details of TDS, their Income from Salary should match the amount designated in the Total amount credited/paid,
ITR1 is simple, and one needs to enter the value of Total tax credited from Form 26AS and fill the TDS details in Income from Salary as per Form 26AS.
ITR2 needs to break up the income in Schedule S. If one doesn’t have any prerequisites, then the individual just needs to deduct the professional tax from the Income.
In two places of Income from Salary is filled in Income Tax Return or ITR, individuals in Income from Salary and TDS details.
Banks deduct TDS on interest amount only if the amount of interest for an FD is more comprehensive than Rs.10,000 per year. The rate of TDS deducted is 10% on interest income by banks, provided your PAN number is available with the bank. If the bank doesn’t have the individual’s PAN in its records on interest income, TDS is deducted at 20%.
If one submit Form 15H/Form 15G to the bank, stating that since the individual taxable income will be below the minimum tax slab for the year, and the bank shouldn’t deduct TDS on their FD Interest.
A record of all the payments related to TDS deducted on every individual’s Fixed Deposits is included in Form 26AS. The Form26AS explains the TDS on the Fixed Deposit. Form 26AS when interest on Fixed Deposit gained is 47854 with TDS subtracted as Rs 4785 (10% of 47854).
If one has needs, they have to open Form 12BA and Salaries other than perquisites, see the value of income. Add 2400 to it. One needs to show their gratuities and other allowances.
As per Form26AS, For Variance due to Fixed Deposit Interest, File Revised Return to Income Tax Notice.
If their Income under Head Salaries in ITR does not match the Total Amount Credited/Paid in Form 26AS, one will get this notice. In two places, Income from Salary is filled in Income Tax Return or ITR, one in Income from Salary and other TDS details. One has to revise and Disagree with the notice of the ITR.