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If you have received the income notice under 143(1)(a) due to variance in income as a mismatch with 26AS and the details are correct. Then You have to agree to the notice and file a revised return. This article gives the steps to revise the return. It also shows how to file Revised Return to Income Tax Notice for Variance as per Form26AS due to Fixed Deposit Interest.

If you have received an income tax notice for Inconsistency in Salary Income and Form 26AS please read our article, Income Tax Notice for Inconsistency in Salary Income and Form 26AS

How to agree to income tax notice under 143(1)(a) due to variance in income

If you have not filed the original return before the due date (31St July of assessment year), you can’t file a revised return.

Calculate your new tax liability by adding the income which appears as variance. For example, if you had not shown Income From Fixed Deposit then you need to add it as Income from other sources. An example how to show FD interest and TDS claimed is given below. You would not have to pay interest under section 234A if any tax due, but you may have to pay 234B, 234C interest if due.

Pay the self-assessment tax using Challan 280 online or offline. Please use the correct Assessment year. Please save the paid Challan receipt.

File Revised return by logging on to the income tax website. Click on My Account->eFiled Returns. You can choose Quick Efile

Show the

  • New income
  • TDS deducted which was not mentioned earlier
  • New tax paid

Show Revised return. For filing the revised return, you will be required to enter the acknowledgement number and the date of filing of the original return in the revised form. If you are filing a revised return more than once, then at first and every subsequent revision you will have to enter the acknowledgement number and the date of filing relating to the original return only. You can file a revised return online or through physical mode.

  • In the Filing Status , PART-A General, as shown in the image below (Fill Excel ITR form : Personal Information,Filing Status)
  • For Whether original or revised return select R-Revised.
  • For Return filed under section select Revised 139(5).
  • Enter the E-filing acknowledgement receipt number from the ITR-V. Which you would have got after filing the original return. 
  • Check Details again and Submit.
  • You will get a new ITR-V marked as the revised return.
  • E-verify your revised return or send across both original and revised return ITR-V forms to IT department Bangalore within 120 days.

Go to  e-Proceeding tab.

  • Please click on the link ‘Proceeding Name’ and you will be taken to the next screen
  • Under response click on the Submit button
  • select the type of your response i.e., Agree/Partially Agree/Disagree.
  • If you select Agree The system will auto-populate the acknowledgement number of the latest revised return you have filed in response to the intimation.
  • After selecting ‘Agree’ click on submit button. And File Revised Return.
  • You have to file the revised return under section Revised 139(5). So say No to Question Are you filing u/s 119(2)(b)/92CD

 

Income Tax Notice Eproceedings Agree/Partially agree/Disagree

Income Tax Notice Eproceedings Agree/Partially agree/Disagree

 File Revised Return to Income Tax Notice for Variance as per Form26AS due to Variance with Salary Income

For Income Tax Department their source of your salary income is Total amount Paid/credited in Form 26ASQuick e-File ITR option on incometaxindiaefiling.gov.in of ITR1 picks this amount in”Income under Salary” column.

  • It is not INCOME CHARGEABLE UNDER THE HEAD “SALARIES” (3-5) from Form 16 
  • It is not “Income under the Head “Salaries” of the Employee(other than from perquisites) Form 12BA

So if you look at Form 26AS and Part A which shows the TDS details your Income from Salary should match the amount mentioned in the Total amount paid/credited,

If your Income under Head Salaries in ITR does not match Total Amount Paid/Credited in Form 26AS you would get this notice. Income from Salary is filled in two places in ITR or Income Tax Return, one in Income from Salary and other TDS details. You have to Disagree to the notice and revise the ITR. Income from Salary is filled in two places in ITR or Income Tax Return, one in Income from Salary and TDS details.

Income Tax Notice for Mismatch in salary and Form 26AS

Income Tax Notice for Mismatch in salary and Form 26AS

ITR1 is simple, You need to enter the value of Total tax credited from Form 26AS in Income from Salary and fill the TDS details as per Form 26AS as shown in the image here

ITR2 needs a break up of the income in Schedule S. If you don’t have any prerequisites then just deduct the professional tax from the Income as shown in the image here.

If you have prerequisites then you need to open Form 12BA and see the value of income from Salaries other than perquisites. Add 2400 to it. You need to show your perquisites and other allowances to as shown in the image here.

File Revised Return to Income Tax Notice for Variance as per Form26AS due to Fixed Deposit Interest

Banks deduct TDS on interest only if the interest amount for an FD is greater than Rs.10,000 per year. The rate of TDS deducted by banks is 10% on interest income, provided your PAN number is available with the bank. If the bank doesn’t have your PAN in its records, TDS is deducted at 20% on interest income. If you submit the Form 15G/Form 15H to the bank declaring that since your taxable income for the year will be below the minimum tax slab, the bank shouldn’t deduct TDS on your FD Interest.

The Form 26AS includes a record of all the TDS payments deducted on your Fixed Deposits. The Form26AS shows the TDS on the Fixed Deposit.For example,the image below shows Form 26AS when interest on Fixed Deposit earned is 47854  with TDS deducted as Rs 4785 ( 10% of 47854)

Form 26AS Showing FD Interest

Form 26AS Showing FD Interest

Income from Fixed Deposit is the interest income and comes under  Income from other sources. The interest that is earned on fixed deposits is taxable in the hands of the depositor as per the income slab so a person who earns income between 2 lakh to 5 lakh pays only 10% tax on it while the person who earns above 10 lakh pays 30% tax.   Individuals in higher tax brackets like 20% or 30% need to pay Self-Assessment Tax over and above the TDS deducted on their interest income. The image below shows the ITR1 with interest on FD of 47854 as Income from Other sources.
ITR1 with interest from FD as Income from other sources

ITR1 with interest from FD as Income from other sources

 Claim the TDS deducted by the bank in ITR as shown in the image below.
ITR1 Show TDS on FD

ITR1 Show TDS on FD

Check your new Tax liability. If the amount is less than 10,000 there will be no penalty under section 234B/234C as shown in the image below.
ITR1 Tax payable but no Interest under 234B/C

ITR1 Tax payable but no Interest under 234B/C

If the amount is more than 10,000 there will be a penalty under section 234B/234C as shown in the image below.
ITR1 Tax payable but with Interest under 234B 234C

ITR1 Tax payable but with Interest under 234B 234C

Pay the Self Assessment tax using Challan 280. Please use the correct Assessment Year, For income earned between 1 Apr 2016 to 31 Mar 2017 Assessment Year is 2017-18.
Show the self-assessment tax paid in ITR as shown in the image below
Show Tax paid in ITR

Show Tax paid in ITR

Revised Return under section 139(5)

Revised Return under section 139(5)

  • Enter the E-filing acknowledgement receipt number from the ITR-V. Which you would have got after filing the original return. 
Acknowledgment number for ITR

Acknowledgement number for ITR

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