Notice u/s 143(1)

Tax queries 891 views 12 replies
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CA Job
24 Points Joined January 2015

I had filed the return for A,Y 2014-2015 and the tax payable was NIL. However i have a received notice u/s 143(1) for A.Y 2014-15 raising a demand of Rs.16040. This was because i have taken wrong amount as Total Income when i filed the return for the same. However if i revise the return u/s 139(5) taking the correct income then i will need not to pay any tax, as was the case earlier. Kindly advise .....

1) Should i pay the demand first and then revise the return claiming refund of the demand paid ?

2) Should i revise the return only and not pay the tax ?

3) Any other recourse to be taken ?

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On 07 January 2015 at 20:44 Report
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Tax Consultation (US and India)
2970 Points Joined September 2011

Second option

 

You don't need to do anything other than revising the return, demand will be cancelled,soon thereafter.

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On 07 January 2015 at 21:29
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PROP. ANIL & COMPANY
1347 Points Joined April 2011
If the return filed in due date you can rectify the same. If not you have to rectify the return. You need not pay the demand.
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On 07 January 2015 at 21:55
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Chartered Accountant
163 Points Joined November 2013

The return of income(ROI) filed u/s139(1) that is on or before the due date then revised the same ,in case of Belated(after the due date) return rectify the same u/s154 online.in both the cases you need not pay demand.

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On 07 January 2015 at 23:04
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article
52 Points Joined January 2015
You need not require to pay the tax if you have filed your return on time i.e., within due date. You are only required to file the revised return of income. As soon as revised return is filed the demand will be withdrawn.
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On 08 January 2015 at 00:14
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chief analyst
62 Points Joined January 2010

All of you are correct

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On 08 January 2015 at 09:53
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Apt Co Advisory
1230 Points Joined June 2009

agree with all above answer

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On 08 January 2015 at 15:00
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Article
383 Points Joined March 2014

jus revise the return ...

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On 08 January 2015 at 15:14
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ACCOUNTANT
30 Points Joined October 2009
Assessment is complete so u can't revise return.
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On 08 January 2015 at 18:14
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CHARTERED ACCOUNTANT
2782 Points Joined July 2009
Originally posted by : Viral Chauhan
The return of income(ROI) filed u/s139(1) that is on or before the due date then revised the same ,in case of Belated(after the due date) return rectify the same u/s154 online.in both the cases you need not pay demand.

 

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On 08 January 2015 at 18:42
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CHARTERED ACCOUNTANT
2782 Points Joined July 2009

@ sonu sharma Intimation u/s 143(1) is not an assessment order.So you cant say assessmen tis complete hence return can be revised

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On 08 January 2015 at 18:44
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Apt Co Advisory
1230 Points Joined June 2009
Originally posted by : SONU SHARMA
Assessment is complete so u can't revise return.

 

Sonu, on which base you are saying that assessment is complete?

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On 09 January 2015 at 12:25
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Tax Consultation (US and India)
2970 Points Joined September 2011
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On 09 January 2015 at 16:04


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