ITR 2020: Here’s Why 143(1) Intimation From Tax Department Is Critical

As a taxpayer, it is important to read the initiation as it contains information regarding any tax payable or any refund due after allowing the credit of tax deducted at source, tax collected at source, advance tax, foreign tax credit, and self-assessment tax paid.

By: ABP News Bureau | Updated at : 09 Jan 2021 12:37 PM (IST)

ITR 2020 Here’s why 143 1 Intimation From Tax Department Is Critical ITR 2020: Here’s Why 143(1) Intimation From Tax Department Is Critical

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ITR Tax Intimation: If you have already filed your income tax return (ITR) for the financial year 2019-20 and your tax return has been processed, then there is an intimation under section 143(1) from the tax department which you would have received. The intimation is received on your registered email from the tax department informing that your return has been processed and is important as you can check the status of refund/demand in the intimation. Why is the message important? The message under section 143(1) shows the following things: It includes information regarding income details, deductions claimed, and tax calculations and if all that match with the tax department's assessments and calculations. As a taxpayer, it is important to read the initiation as it contains the details for any tax payable or any refund due after allowing the credit of tax deducted at source, tax collected at source, advance tax, foreign tax credit, and self-assessment tax paid. Additional tax demand notice: As per the tax department's assessment, it also intimates if you have not added a particular income to your ITR or wrongly claimed a deduction or calculated your tax incorrectly due to which there is an additional tax payable on it. This would be shown in form of a tax demand at the end of the notice Income tax refund: As per the income tax department's assessment, if you have paid additional taxes as compared to your actual tax liability, a tax refund is due to you. Check how to read the intimation notice The intimation notice is mostly a password-protected file. You have to enter the password which is your PAN in lower case and your date of birth. For instance, if your PAN number is AAAAA0000A and your date of birth is 01-January-1999, then the password to open the document will be aaaaa000a01011999. Firstly you should check whether your personal details such as name, address, PAN, and so on are correct or not. Once these details are verified, the next step is to read and match the income tax computation given by you in your ITR with the department's computation. The intimation notice shows a comparison (in a table) of income reported by you in the ITR under each head (in one column) with the income under that head as computed by the income tax department (in another column). Along with income details, the intimation notice also shows the details of the tax-saving deductions that are claimed by you in the ITR.

Published at : 09 Jan 2021 12:37 PM (IST) Tags: ITR 2020 ITR refund tax returns

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ITR 2020: Here’s Why 143(1) Intimation From Tax Department Is Critical

As a taxpayer, it is important to read the initiation as it contains information regarding any tax payable or any refund due after allowing the credit of tax deducted at source, tax collected at source, advance tax, foreign tax credit, and self-assessment tax paid.

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