June 24, 2024

The Revenue Tax Division has defined that notices addressed to varied revenue taxpayers for incorrectly claiming tax deductions below Part 80 P had been delivered to them by mistake.

In reply to a query posted on X (beforehand Twitter) by the taxpayer, chartered accountant Nirav Choksi, the tax company acknowledged that “an e-mail communication relating to this shall be despatched to you shortly.”

“In a partnership agency, there are incorrect return errors.” Part 80P is just not relevant to companies. “It’s a futile train to answer such system-generated queries. @IncomeTaxIndia,” Choksi tweeted on September 1.

“Intimation u/s 143(1) of Revenue-tax Act, 1961 with the error description ‘In Schedule 80P, deduction u/s 80P(2)(e) can’t be claimed on revenue apart from rental revenue’ was mistakenly despatched,” the Revenue Tax Division stated. An e-mail with additional info shall be despatched to you shortly. “We apologize for the inconvenience.”

A whole lot of taxpayers contacted their tax advisers final week after getting these letters, which had been delivered even after they’d e-verified their returns and the deadline for doing so had handed on August 31.

The notices had been about claiming deductions that they weren’t even certified for. The problem right here was that these deductions had been supposed for cooperative teams fairly than people.