Home Income tax Corporate Income tax IT Dept Clarifies Tax Notice Mistakenly Sent for Incorrect Claims U/S 80P

IT Dept Clarifies Tax Notice Mistakenly Sent for Incorrect Claims U/S 80P

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IT Dept Clarifies Tax Notice Mistakenly Sent for Incorrect Claims U/S 80P

 IT Department Clarifies Mistaken Notices for Incorrect Claims U/S 80P

Days after many revenue taxpayers have been despatched notices mistakenly for incorrect claims of tax deductions underneath Part 80P, the Earnings Tax Division clarified that the error was made.

Responding to a question from a taxpayer, chartered accountant Nirav Choksi on X (previously Twitter) stated, the tax division assured that they might ship an electronic mail communication to handle the problem as quickly as potential.

Choksi tweeted on September 1, mentioning the futility of response that Part 80P isn’t relevant to companies. A nugatory train of responding to such system-generated points needs to be acted upon. Tagged @IncomeTaxIndia, within the tweet.

In response, the Earnings Tax Division acknowledged the error and acknowledged that they’d inadvertently despatched an Intimation underneath Part 143(1) of the Earnings-tax Act, 1961. The error described that “In Schedule 80P, deduction underneath Part 80P(2)(e) can’t be claimed on revenue apart from rental revenue.” They expressed remorse for any inconvenience and confirmed to ship an electronic mail communication promptly.

Learn additionally: A Information to Tax Deductions U/S 80P for Co-operative Society

Over the last week, tons of of taxpayers sought help from their tax consultants after receiving these notices, regardless of having e-verified their returns earlier than the August 31 deadline. These notices have been associated to deductions that didn’t pertain to people however somewhat despatched to cooperative societies.

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