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Jayanth (Engineer)     19 July 2010

IT section 143(1)

 

I got a letter from CPC stating that i need to pay additional tax according to section 143(1).

On careful analysis i found that the following which is part of my Form 16 is not accounted in computation as per section 143(1)

 

home loan premium 1K , medical reimbursement 15K

Both of these is cleary in my form 16 and in the returns in filed.

Please let me know what to do.

 

thanks

 

If your  are not satisfied with the intimation under section 143(1), you may seek rectification as per section 154 with CPC or appeal under section 246A of the income tax act, 1961, in your territorial jurisdition.



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 5 Replies

Jayanth (Engineer)     19 July 2010

correction 1Lakhs for house loan premium

Jayanth (Engineer)     19 July 2010

Also please let me know the procedure to file rectification under 154.

A V Vishal (Advocate)     19 July 2010

What is Home Loan premium, do you mean the principal or is it principal and interest?, Secondly is the home self occupied by you or let out, for the home loan you are claiming as deduction? Thirdly what is the portion of Principal & interest as per the Bank certificate for the home loan repayment. Further you have claiming 1.5 k as medical reimbursement. Reimbursement upto 15000 is allowed as per IT rules. What are the expenses for which you have claimed 1.5 k(150,000).

Jayanth (Engineer)     19 July 2010

principal is around 1.2Lakhs  and the interrest is around 1.8 lakhs.  in my form 16, the principal is truncated at 1 Lakhs ( as per the laws )and the interest to 1.5 L  . it is self occupied.  in my form 16, the medical reimbursement 15K is shown , but it is not there as per the AO

A V Vishal (Advocate)     19 July 2010

Write a detailed letter to the A.O showing him the ommissions committed while completing the assessment and attach a scanned copy of your Form 16 and the Bank certificate in PDF format along with the letter and mail the same to itdcpc@incometaxindia.gov.in since the intimation was received from CPC, further, I suggest that you file a hard copy of the letter and supporting to the Jurisdictional assessing officer also requesting to rectify the intimation and send a fresh copy of the intimation after the rectification.


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