New Delhi: Income Tax filing comes with its own set of rituals, notices and acknowledgements. One such notice is the 143(1) tax notice also known as the Income tax Intimation notice.
The Income tax Intimation U/S 143(1) will be sent to you with respect to the return of income filed by you for the Assessment Year. This is usually sent to your registered email address.
What is 143(1) tax notice?
After you file your income tax return (ITR), it is verified by the I-T department. Once the I-T department processes your ITR, it sends you an intimation notice under section 143(1). The notice is meant to inform you there is any mismatch in the income tax calculation in the ITR filed with that of the tax department.
The 143(1) tax notice intimation is given in three occasions
Your liability is more than the tax you have filed in your ITR.
Your liability is less than the tax you have filed in your ITR.
In case you have not filled your ITR with proper details
Experts believe that this notice is usually sent to all tax filers and if someone does not receive the notice, it means their tax return is not processed.
What to do when you get 143(1) tax notice?
According to tax experts, if you have any tax liability due, you should pay it within 20 days of receiving the intimation. Delaying it beyond 30 days will make you pay monthly interest at the rate of one percent.
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In the wake of the COVID-19 pandemic, the government has extended the due date of filing all income-tax return for FY 2019-20 to 31st December, 2020. Tax payers will be filing the Income Tax Return (ITR) for the FY 2019-20 (AY 2020-21).
