{"id":22482,"date":"2021-11-12T10:12:39","date_gmt":"2021-11-12T04:42:39","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=22482"},"modified":"2021-11-13T06:31:18","modified_gmt":"2021-11-13T01:01:18","slug":"reassessment-proceedings-u-sec-148-on-the-basis-of-rejection-of-ids-declaration","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/reassessment-proceedings-u-sec-148-on-the-basis-of-rejection-of-ids-declaration\/","title":{"rendered":"Reassessment proceedings U\/sec. 148 on the basis of rejection of  IDS declaration"},"content":{"rendered":"<p>Assessee firm has filed a declaration under IDS where in they have disclosed for AY 2015-16: Rs. 9,82,24,010\/- as Business Income and For AY 2016-17: Rs. 1,15,04,953\/- as Business Income. In the said declaration the assessee firm claimed the credit for the Advance Tax ,self assessment tax paid prior to date of IDS 2016\u00a0 and TDS for both the assessment year<\/p>\n<p>However CIT has denied the credit for the said payment on the ground that it is not permissible to give credit of advance tax and self assessment tax\u00a0 in IDS.<\/p>\n<p>On the basis of this information the AO issued Notice U\/Sec.148\u00a0 for A.Y. 2017-18, on the ground of Invalid declaration due to non payment of taxes as CIT has not considered the amount paid by the assessee towards advance tax .<\/p>\n<p>whether the AO is correct in issuing notice U\/SEc.148 for A.Y. 2017-18 when the income declared under IDS is business income for A.Y. 2015-16 and 2016-17 which is regular income earn and chargeable to tax U\/Sec 4 and 5 for A.Y. 2015-16 and 2016-17 ? Pl guide<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[319,428,136],"class_list":["post-22482","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-advance-tax","qa_tag-ids-declaration","qa_tag-reassessment"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/22482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22482"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22482"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=22482"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=22482"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=22482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}