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For AY22-23, I had enlisted the services of a CA to file my Taxes and also Audit my accounts and File ITR3, so that I could carry over F&O losses.
He filed them. He also showed that I would get a refund on 18K or so.
Then, one day, I received an IT Notice with a Liability of an astounding approximately 22 Lakhs or so.
Mr. CA said that we will file for Rectification and it will be fine.
We filed.
Got another notice with reduced liability of about 5 Lakhs, basically 16 Lakhs.
I got into the details and realized that for some reason it looks like that since my ITR3 was filed for the first time, the govt has considered the Capital shown there in the books as Income for the year or something like that.
Another problem is that I also realized that Mr. CA had filed WRONG returns. The deduction which was already incorporated was deducted again. For example: Post the 2.5 Lakh exemption and other exemptions, the number was 25 Lakhs. My CA ji deducted it again and showed the Income as 20 Lakhs.
Now, he tells me that we need to file an appeal but is very reluctant and is avoiding me for the most part. He keeps filing for rectification which buys me a month, but nothing more than that.
What is my course of action here? How much time do I have? When does the govt reach into my accounts to recover the money? Do I initiate any action against the CA?
ITR is self assessment tax filing !
if c.a. does any professional misconduct or error ; how can anyone complaint against the c.a. ?
the person is my CA on record who filed the Returns in this case, along with Auditing the returns.
And the problem here is that it was filed correctly till he decided to rectify it and make the changes.
Hey @royb1709,
As this is a very case-specific query, we are unable to form an opinion on the same from the information provided.
However, if you require our help, you can Book a MEET where one of our tax experts shall connect with you and help you out in analyzing the notice.