Hello, I have received intimation U/S 143(1) which has a tax payable of INR 18K (approx). [FY 2017-18, AY 2018-19] This is due to me claiming an amount of INR 2.5 lacs on "Interest Payable on Borrowed Capital" which has been computed as INR 2 lac by the IT department u/s 143(1). This interest amount is owing to interest component of my home loan for LETOUT property. I understand that the rules have now been changed and even for let out property tax claim on the interest part is capped at 2 Lac. Please Note that currently there is nothing showing under eFile->Response to Outstanding Tax Demand section. Only e-Payment option is there when I click on Return Ack. No. My questions are:- 1) After e-Payment of the amount am I supposed to file a revised return with the new payment details included (details from Challan ITNS 280) 2) If I want to carry forward the loss of INR 50K, what is the process? Would I need to fill up the revised return (as per Q1) through ITR2 and also file return for next year (AY2019-20) through ITR2? Please if you could guide me? Thanks, Sunetra
Hi Sunetra,
There are two kinds of notices issued u/s 143(1). So, if you can paste here the email you received from income tax department, we will be able to guide you in the best possible manner.
Most probably, you will have to file the revise return in response to section 143(1) notice.
You can carry forward the loss in the revised return.
Hi,
Hope you are doing well !
It will be helpful if you can share the notice with us.
Please see the email below. Please note that there are no details in the email. Details are in the attachment (I am providing relevant details below): 1) Discrepancy in figures between "As provided by Taxpayer in Return of Income" & "As computed u/s 143(1)" are in Sl No. 2(v) - "INTEREST PAYABLE ON BORROWED CAPITAL" leading to different figures in Sl No 2(vi) - "INCOME CHARGEABLE UNDER THE HEAD 'HOUSE PROPERTY" 2) This leads to Sl No 4 - "GROSS TOTAL INCOME", being higher by the amount mentioned in my original post of INR 50,000 Kindly provide proper answer with the help of the details. This is regarding tax treatment for interest part for LETOUT property. Email below ==================== Intimation U/S 143(1) for PAN ASExxxxx6J AY:2018-19 Attachments Sep 23, 2018, 9:46 AM (7 days ago) to me Dear SUNETRA SEN, Please find attached the Income tax Intimation U/S 143(1) for PAN <My PAN> with respect to the return of income filed by you for the Assessment Year 2018-19. The attachment is password protected. To open the attachment, please enter your PAN in lower case and date of birth in case of individual tax payers / date of incorporation for non-individual tax payers in DDMMYYYY format without any space between the PAN and date fields. For example, if your PAN is ABCDE1234A and date of birth /incorporation is January 1, 1985 then the password will be abcde1234a01011985. The date of birth / incorporation should be same as furnished to the Department and available in the Income Tax Department PAN master (as printed on the PAN card). The digital intimation is authenticated by a digital signature obtained from a certifying authority under the Information Technology Act, 2000. To know the process of validation of digital signature, please click here https://incometaxindiaefiling.gov.in/portal/downloads10-11/cpc/DigitalSignatureValidation.pdf. Deputy Commissioner of Income Tax, CPC
Hi Sunetra,
- From A.Y. 2018-19, set off of loss from income under the head house property against any other head of income shall be restricted to Rs.2,00,000 and the remaining loss shall be carried forward.
- Under the Action TAB, agree with the demand and pay the amount.
- To carry forward the loss of Rs.50k, you need to file the revise return of A.Y. 2018-19.
Thanks
It is advisable to file the revised return after agreeing to the demand and pay the tax payable.
Regards,
Nikhil
Hi,
File the revised return for AY 2018-19,agree with the demand and pay the amount.
You can maximum set off loss of Rs 2 lakh (Interest) of house property head from any other head income. So, Carry forward the remaining loss of Rs 50k.
Thanks & Regards,
Payal Chhajed
After amendment in finance actone can claim only 2 lakh as interest on house property be it self occupied or let and if it is not utilized then one can carry forward only ₹2 lakh to next year which means you can only claim ₹2 lakh and nothing more than that.
Thus you will have to pay 18k tax from my pending action section and then you don't need to file any revise return you just need to agree with the demand and then they will ask you to enter the challan number and other details via which you have paid tax.
You can't carry forward remaining 50000.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hi Sunetra
Firstly, login to the income tax portal and submit a response to 143(1) under e-proceedings tab.
Then, you need to revise your return with appropriate adjustments made and taxes paid.
Hello Sunetra
File the revised return agree the demand and pay the tax.
Hi,
You need to agree with the demand, pay taxes and file a revised return.