Income tax notice u/s 245

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Eswar Reddy S (Querist)
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25 December 2013 Hi, We have received notice u/s 245. It is like 143(1). What to do next ? What is the difference between notices u/s 245 and 143(1).

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 December 2013 1. Intimation u/s 143(1) is issued on processing of return. It relates to the previous year for which the return is filed.

2. Notice u/s 245 is for adjustment of demand of past years.

3. On receipt of notice u/s 245, an application needs to be filed with the jurisdictional AO requesting him to cancel the demand.
The copy of income tax return of the said year along with copy of Form 16/16A needs to be attached with the application.