Intimation under 143 (1)

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Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2012 I have received intimation under 143 (1) from IT Dept.What is mean by this and what i have to do now ?

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
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11 October 2012 Intimation U/s 143(1):
It is a intimation notice to the assessee, if any calculation mistake or mistake in filling return or claiming excessive deduction or wrong exemption has been found on the processing of the Income Tax Return. The purpose to intimate the assessee about any difference between the return filed by the assessee and as per the computation of the IT department.

Therefore by intimation u/s 143(1) the acknowledgment of the return shall be deemed to be intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him.

Intimation under subsection (1) of section 143 shall be deemed to be a notice of demand for the purpose section 156

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Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2012 What i have to do now?means wheather i have to resubmit the return

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CA. Subhash Dangi

CA. Subhash Dangi (Expert)
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11 October 2012 Check,whether any difference in assessment as per your return and intimation. If any demand of income tax liability is there you need to pay the arrears within 30 days from the intimation.
Further, if your filed return is not correct then u need to apply for rectification u/s 154.

If your return is assessed with nil demand or refund, it is deemed assessment

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2012 My Return is assessed with Nil Demand