Rectification u/s. 154
Querist :
Anonymous
(Querist) 21 October 2011
This query is : Resolved
I received an Intimation U/s. 143(1) in which it was stated that, figures entered in Balance Sheet are not proper. Please let me know what should I do to solve the matter?
Nadeem Qureshi
(Expert) 21 October 2011
Dear Friend
143(1) of which act
prabhakar singh
(Expert) 21 October 2011
are you talking of income tax act???????????
Sadashiv Rupchand Gaikwad
(Expert) 21 October 2011
Contact to your Jurisdiction Officer, collect details of Balance Sheet, Statement of Affairs, Compare ITR4 along with annex and schedule
A V Vishal
(Expert) 21 October 2011
Please contact your tax consultant, in case you have one or approached one and hire his services, self help may be harmful.
Sankaranarayanan
(Expert) 22 October 2011
yes it is hope income tax act
We treat this as Intimation of completion of assessment of income tax returns, Intimation of Income tax refund in case refund is due from income tax, India. If net taxable income is more than total tax paid, this Intimation u/s 143(1) will be treated as demand notice for payment of income tax due to income tax department.
We have to interpret the Intimation u/s 143(1) as follows:-
If “NET AMOUNT REFUNDABLE” mentioned in Intimation u/s 143(1) letter more than Rs 100, there is a tax refund due from income tax department to tax payer. Refunds amounting less than Rs 100 won’t be refunded. You can check refund status online https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
If “NET AMOUNT DEMAND” mentioned in Intimation u/s 143(1) letter more than Rs 100, there is tax amount due from tax payer. This will be treated as demand notice for the payment of income tax due. This Intimation letter encloses challan form to pay income tax if the due is more than Rs 100.
Dr BHANU GIRI
(Expert) 23 October 2011
Presumably your query pertains to Income Tax.If so, you are requested to specify the correct date of issue of the intimation u/s 143(1)in question .Please also mention the assessment year and if possible provide a copy of balance sheet with inter alia for that particular year.
