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Section 143(1)

27 March 2010

Hi,

I have received on a Income Tax Intimation u/s 143(1) for the AY 2008-09. There is a difference of Re.1/- ( yes one only ) as per the calculation in the " RETURN OF INCOME " & As Computed Under Section 143(1)".

The TAX PAYABLE - NET AMOUNT PAYABLE reads Rs.1/-

Now my question is am I supposed to pay the Re. 1/-. If yes can I pay this amount online & how to pay it online. Pls elaborate & oblige.

Regards

Sumit

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4 Replies

Parikshit Ekbote (CA-PCC) (87 Points)
Replied 27 March 2010

Hi,

I Think so Better Way to Pay Re 1/- and U can Pay Online......

Pariksh*t Ekbote

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Bhavin Bhadra (Job) (174 Points)
Replied 29 March 2010

Dear Sumit,

You need not to pay any amount of tax.

As per provision of income tax, income tax is to be paid in multiple of 10 i.e if below 5 then 0 or if 5 or above then 10.

As in ur case it is repuee one it becomes zero.

Sachin (Chartered Accountant) (419 Points)
Replied 29 March 2010

Dear Summit,

you can write me any problem related to Taxation. my email id is sachinagarwalcallb @ gmail.com. opinion of bhavin is correct.

tap varadakutti (partner) (27 Points)
Replied 30 March 2010

u can ignore such demand.. the it dept will not insist on payment of such a very very negligible amount. since the cost of recovering such amount will be more to the exchequer. forget the notice.