25 November 2011
We treat this as Intimation of completion of assessment of income tax returns.. However further orders are possible even after receiving an intimation u/s 143(1). Intimation of Income tax refund in case refund is due from income tax, India. If net taxable income is more than total tax paid, this Intimation u/s 143(1) will be treated as demand notice for payment of income tax due to income tax department.
If “NET AMOUNT REFUNDABLE /NET AMOUNT DEMAND” is less than Rs 100, you can treat this Intimation u/s 143(1) as completion of income tax returns assessment under Income Tax Act. It can be useful for the proof of Income/ Completion of income tax returns assessment.
You need to reply to intimation u/s143(1) only if you have any grievance!!! Else, simply pay the tax demanded, or accept the refund.
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