What Is 143 1 Section In Income Tax

Final tax payable refundable as per section 143 1 tax calculated on adjusted total income tax reliefs taxes already paid tax payable or tax refundable.

What is 143 1 section in income tax. Basically the intimation u s 143 1 contains the following information. Clause 1 a deals with adjustments which shall be made by the computer while processing your return. If the assessee has paid extra return more than rs.

If there is tax payable assessee has to pay the same it is the demand or if the tax becomes refundable nothing is to be done. 100 the refund amount is reported in the notice. Section 143 1 a refers to the intimation order given by the income tax department of india to the assessee against a return filed for any assessment year.

Intimation under sec 143 1 of income tax act 1961 in case there is 0 in front of both as in the picture above it means that your tax return filing was perfect you neither need to pay any more tax for the year nor you would get any tax refunds. 143 1 a are issued by income tax department without detailed analysis. Intimation under section 143 1 is proof of processing of your income tax return.

This notification or intimation is issued under the following circumstances. 143 is a section of income tax act 1961 which deals with the processing of the income tax return filed by the assessees. According to the provisions of income tax act 1961 read with section 143 1 a where any assessee files its return of income not correctly and by mistakenly it provides the details of income and deductions in such case the notice would be issued.

Once the income tax department has processed your income tax return itr it sends you an intimation notice under section 143 1 of the income tax act. A permanent details of assessee like name address etc. When does one receive intimation under section 143 1.

Intimation u s 143 1 is a summary of the details which you have submitted to the tax department and the details which department has considered while processing your return. The assessee can receive the intimation order from the income tax department under section 143 1 for the following circumstances. It just shows that your income tax return is free from any arithmetic error or incorrect claim apparent from any information in the return.