Short term capital gain - special rate (1%)
In the return i had shown Rs. 5346/- as short term capital gain from sale of shares (trading) to be charged at 15% special rate. Received a notice from income tax department that there is discrepancy under section CPC 143(1) that "Income chargeable to tax at special rate other than 115BBE" in Sr. No. 11(ii). In the return no amount was written and in return prepared by incometax department the amount was shown as Rs 5436/- Also in Sr. No. 15 of the notice the Aggregate income was shown as nil in return prepared by me and Rs. 41030/- (after substracting Rs. 5436?- from total income ) in return prepared by income tax department:
Sr. No. Head As provided by As computed
Tax payer in under 143(1)
return in RS.
11(ii) Income chargeable to tax at special rate other than 115BBE - [deleted]
13 Total income after deductioin [deleted]
14 Agriculture income [deleted]
15 Aggregate income(13+14) [deleted]
In CPC version under 143(1) the aggregate income is shown after deduction of short term capital gains of Rs 5436 from total income after deduction i.e. [deleted] = 41030. In Sr. no. 15 under return filed by tax payer 0 is displaying. why it is zero here. Is there any thing required to be done or incometax department will check this mistake. This income is STCG income to be taxed at special rate (15%) other than income u/s 115BBE.
pl inform and oblige