It is that time of the year when you think about tax saving mechanisms as the Income Tax Return filing season is on. The last date for filing an Income Tax Return (ITR) for the financial year 2023-24 is July 31. After the final date of filing an Income Tax Return, taxpayers are generally sent a document online. This letter is sent to the taxpayers under section 143(1) of the Income Tax Act. This is not a notice that should scare you.
Tax expert Balwant Jain said that this is a routine process of the Income Tax Department. When you file the ITR, the department matches this information against its records.
After this, an intimation letter is sent to you. Along with all the information, it also includes the information matched with the records available with the department. If any information does not match, then you get informed about it too through this letter.
There are several sections in this letter which contain vital information.
Income Tax Payer Details- This section contains your basic details like name, PAN number and assessment year.
ITR filing details- It contains your acknowledgement number, filing date and the ITR form you have chosen.
Income Details- It contains information about all types of your income.
Tax Calculation- This gives the tax liability calculated by you and the tax liability calculated by the department.
Demand and refund- This section tells you about any specific tax demand. Also, if the department has to give you a refund, then its information is also available here.
Processing Code – It has three different codes which have different meanings. For example, 143 means that the intimation letter has been sent without any changes. 143(1)(a) means that you have to pay additional tax. 143(1)(b) means that the department will give you a refund.
Comments
0 comment