I am salaried employees and I have received the notice u/s 143(1)/ 154 where is a demand for the financial year 2007-08.
What is to be done now as I have my form 16 and in which regard this has been sent to me now.
Along with this please let me know about the exemption amount of 80C in the financial year 2007-08 so that I may compute my liability of income tax and which I will match with my form 16 in respect of TDS which deducted by my company.
Kindly suggest me the same.I would be thankful to you.
05 April 2012
IN FY 2007-08, 80 C limit is 100,000/-
In 143(1), then will compute your income, so match it with your form 16 and trace the differences. you can file rectification application u/s 154 against that notice, in case of error in 143(1).
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