Intimation u/s. 143(1)

[PRAJAPATI JAGADISH]

We have received intimation for the AY 2011-12 in which there was business loss and no audit u/s. 44AD/44AB done and unabsored depreciation is Rs 66101 of the same AY we had file the return on 12/03/2013 and demand for rs 10236

now can we rectify the return u/s. 154

[Mayank Srivastava]

Dear Mr. Prajapati,

 

Why the department raised demand in your return?

Do you want to change any details in the return or somthing have not been considered by the department?

 

Regards,

Mayank

[PRAJAPATI JAGADISH]

they not allowed to set of business loss against other income that is why there is tax payable

[Mayank Srivastava]

Then you try to file rectification but plz make sure that you are setting off the losses as per the provisions of the Income Tax Act.

 Regards,

Mayank

AI Summary

Rectification under section 154 can correct an intimation denying business loss set off, subject to correct application of set off rules. Intimation under section 143(1) for AY 2011-12 showed a demand because the department disallowed set off of a business loss; the return filed on 12/03/2013 included unabsorbed depreciation of 66,101. The forum advised filing rectification under section 154 while ensuring any set off of losses and adjustments for unabsorbed depreciation comply with the Income Tax Act's set off and carry forward provisions.