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Help! Filed Wrong ITR for Crypto Income (ITR 1 to Which Form?)

T S Khurana

T S Khurana   |177 Answers  |Ask -

Tax Expert - Answered on Aug 31, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Naleen Question by Naleen on Aug 06, 2024Hindi
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Had filed ITR 1 for AY 2024-25 (FY 2023-24) but it got rejected in processing due to incorrect filing. The reason is that apart from salary and bank interest income, there is a transaction of Rs 1,934/- income thru sale of digital assets (crypto currency) which has TDS of Rs 19.34/-. The IT website is asking to file revised ITR in the correct applicable form. Which IT return form is applicable in this case & how to resolve this as the amount involved is very small. There is no other source of income & no further transactions done since last year in the crypto currency apps. Pls help

Ans: You may please revised the ITR in Form 2. It is likely to be cleared by the department, since the amount involved is small, with no further tax liability. It is mistake in selecting the form only.
Most welcome for any further clarifications, Thanks.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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I have filed my ITR-1 for AY 21-22 in time. Demand was raised on 14 Jan for Rs 1,690 on processing of my ITR. a) I have paid the amount on 27 May, 2022 through net banking against challan no 10574. BSR code 0510308. I have erroneously paid Rs 1,690 in serial 300 (self-assessment) instead of SL 400. The amount remains to be shown outstanding in mine account and acceptance of return remains pending. I have tried to correct the SL 400 through my PAN account but I have not been successful in changing serial. In rectification icon this amount of Rs 1690 is not shown because only payments prior to submission of ITR are only shown. However, this Rs 1,690 is shown in it is shown in 26As. So I have not been able to change to SL 400 instead of SL 300. b) I requested for reprocess of ITR so that this amount may get reflected and ITR will be accepted. After reprocessing request amount has been reduced to Rs 1,230. But ITR has not been accepted. It is showing with additional interest of Rs 108 as on today. c) Additionally Rs.1690 + Rs 112 has been deducted from refund of next year return on 14 September 22. This is also reflected in 26AS d) Therefore I have paid Rs1690 through net banking challan plus Rs 1,690 through deduction from refund plus Rs 112 as interest. Total payment made 1,690+1,690+112 = Rs 3,492. Whereas I am required to pay only Rs 1,230. e) ITR still outstanding and not accepted till date and amount of Rs 1,230 is reflected unpaid. Sir my query is: a) Am I required to pay amount Rs 1,230 + interest? After the re- processing, despite having paid Rs 1,690 against initial demand by net banking plus there has been deduction from refunds. i.e. twice if I ask for re-processing? b) Now that amount has been paid. What action I need to take to complete the processing of ITR.
Ans: If tax demand is paid after 30 days, income tax charge interest @1%. I understand that Rs 112 is interest charged for late payment of tax demand and all other demands are not valid. Such demand can be deleted by filing application u/s 154 of the income tax act.

Check e-filing portal “outstanding demand” tab. If rectification rights are with CPC, you can request CPC Customer Care to transfer ITR to assessing officer.

Once the case is transferred, you can explain the issue to jurisdictional officer, request officer to pass rectification order as mistake is appearing from records and issue refund for wrongly adjustment of next year refund.

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Hardik

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Good Afternoon Sir, recently, I filed online ITR for AY 2023-2024 I am NRI working in Saudi Arabia. I received email with below subject "Important - Rectify the defect in your Return of Income" I need to rectify and return file returns again on or before Aug 03, 2023 Can you help on this matter with chargeable fees
Ans: Good Afternoon Aejaz,

I understand your concern about the notice you've received regarding a defect in your Income Tax Return for AY 2023-2024. As an NRI working in Saudi Arabia, it's crucial to ensure your tax filings are accurate.

The notice you received typically means that there might be some discrepancies or missing information in the return you've filed. This could be due to a variety of reasons such as incorrect reporting of income, deductions, tax credits, etc.

Here are a few general steps you can take:

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3. Rectify the Defect: Once you've identified the issue, you can rectify it by logging into the e-filing portal. You'll need to revise your return with the correct information and submit it again.

Please note that this is general advice and the exact steps might vary depending on the specifics of your case. If you're finding it difficult to rectify the defect yourself, it might be beneficial to seek professional help. As a tax professional, I can certainly assist you with this on a chargeable basis.

Remember, the deadline for rectifying the defect is August 3, 2023. It's important to act promptly to avoid any further complications.

I hope this helps! If you need further assistance, feel free to reach out.

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