Manoj (Salaried) (43 Points)
26 September 2011Dear Sir
We are a Pvt. Ltd. Company based in Mumbai. I got Intimiation U/S 143(1) of Income Tax Act 1961 stating some comparision kind of a table "As provided in Return" V/s as computed under sec 143(1)
in Row 46 (Tax Payable) is shows 2 different amt under each columns as (stated above)
and finally in it shows Refund amount as 0 and some amount in Demand Payable
Request you to please help me on this.
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 26 September 2011
Hi , this is the demand raised by the department , this may be due to difference between the income computed by you and that assessed by the assessing officer , so you need to pay the demand to department , and if you still has the confusion regarding this , you can move the application under the provision of section 154 and this section is also mentioned at the back of the intimation .
And as per the proviso to section 156 i.e "Notice of demand" , intimation u/s143(1) is notice itself and no separate notice will pe served to assessee .
Failure to pay the above demand will lead the assesse to assessee in default and the penalty and interest under the provision of section 220 and 221 will come into picture .
Mihir
(Wealth Manager)
(5293 Points)
Replied 26 September 2011
Late payment of advance tax is also considered in 143 (1) calculation, which most companies overlook.
CA Saurabh
(PRACTICE)
(1019 Points)
Replied 26 September 2011
Agree with Shashank.... just chek out your computation to see the discrepanices viz a viz calculation of Department.....
| Originally posted by : SHASHANK GOYAL | ||
 |
Hi , this is the demand raised by the department , this may be due to difference between the income computed by you and that assessed by the assessing officer , so you need to pay the demand to department , and if you still has the confusion regarding this , you can move the application under the provision of section 154 and this section is also mentioned at the back of the intimation . And as per the proviso to section 156 i.e "Notice of demand" , intimation u/s143(1) is notice itself and no separate notice will pe served to assessee . Failure to pay the above demand will lead the assesse to assessee in default and the penalty and interest under the provision of section 220 and 221 will come into picture . |
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Jayesh
(Internal Auditor)
(214 Points)
Replied 26 September 2011
Dear Shashank, is there any time limit within which such demand needs to be paid?
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 26 September 2011
Yes , within the period of 30 days the demand raised is to be paid , for confirmation you can refer section 220 i.e assessee in default .
Sourav Modi
(Learner!)
(306 Points)
Replied 26 September 2011
| Originally posted by : pooja | ||
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I think that sec 143(1) is for processing of return which is done by computers not the assessing officer & in this an arthmatical eeror or an inncorrect claim which is apprent fron any info in the return are adjusted & Tax is calculated on the total income computed as after those adjustmant & an intimation being genarated or prepared is sent to assessee specifyng the sum so payble it is also sent went refund has been adjusted against................. Pls correct me if i m wrong. |
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Even if its done by computer, the assesse have to pay the demand raised by it and in case the assesse disagrees with the demand or any adjustment, he has to follow the procedure mentioned by Shashank.
Dimple
(Student)
(364 Points)
Replied 27 September 2011
Please help me out in the same matter. I recd intimation in which it was showing tax payable Rs 220 which was already deposited but this didn't match with the department may be because I filed in return(electronic) the self assessment tax paid Rs 216. for this I filed a letter with the department u/s 154 attaching the proof of payment. But did not get any response till now. What will be the next procedure now? How can I check the status of my application as I have filed return electronically, received intimation in mail but filed application by hand.?
ANIL SURANA
(practice)
(57 Points)
Replied 27 September 2011
dear Dimple
U have to file an Online Rectification u/s 154 after logging in the Efiling website
Manish Agarwal
(CA FINAL STUDENT)
(49 Points)
Replied 27 September 2011
hiiiiiiiiii,
this is demand raised by the income tax department. because the difference in detail given by you and the valuation valued by valuation officer.
Please rectify the ITR u/s 154 of Income Tax.
Sourav Modi
(Learner!)
(306 Points)
Replied 27 September 2011
| Originally posted by : Dimple | ||
|
|
Please help me out in the same matter. I recd intimation in which it was showing tax payable220 which was already deposited but this didn't match with the department may be because I filed in return(electronic) the self assessment tax paid216. for this I filed a letter with the department u/s 154 attaching the proof of payment. But did not get any response till now. What will be the next procedure now? How can I check the status of my application as I have filed return electronically, received intimation in mail but filed application by hand.? |
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I will suggest the following procedure :
First you compare the figures as per your return and as per the intimation sent by the dept. Try to find out where the difference is. Whether the tax payable as per dept is after considering the tax paid by you or before considering the same. If it is after considering the same, it would mean that the income calculated by the dept is more than what you computed. So check where the difference is. If the difference is because of a mistake which is apparant from the computation made by you, then you are suppose to pay the demand raised by the dept. If you disagree with something then I would suggest you first speak to the CPC bangalore abt this and if still the problem persists, you can ask them whom to send the application under sec. 154.
CPC Bangalore is one of the best customer care service providers.
Sourav
CAclubindia
