Thursday, October 29News That Matters

Tag: Mistakes in income tax Returns

Why your Income Tax returns are marked defective and What common errors in Returns you should avoid

Why your Income Tax returns are marked defective and What common errors in Returns you should avoid

Business and Finance
1. Error Code 1: Tax computed but GTI(Gross Total Income) is nil or 0? Description: No tax can be computed without providing the details of income. The Assessee should maintain consistency in providing details of income and tax computation in the return of income in the new xml which will be filed in response to this communication. 2. Error Code 3:“Part A, P and L and/or Part A BS (Balance Sheet) have not been filled” Description: In case, if there are only pre-operative expenses, even then those expenses should be entered in P&L account. Then, assessee is also required to add back such expenses in serial no. 22 of schedule BP (i.e. “Any other item or items of addition under section 28 to 44AD”) in the new xml which will be filed in response to this communication. ...