Intimatiion u/s 143(!)
This query is : Resolved
CA BINIT SHAH
(Querist)
08 February 2013
Dear Sir,
I have filed the return for assessment year 2011 - 2012 on 14.09.2011 and had claimed a refund of Rs. 30000. However now i have received an intimation u/s 143 (1) with a demand of Rs. 2500 and they have shown the break up of the same as below.
Income: 249780
Prepaid taxes : 36921
Demand Tax: 8978
E Cess : 269
Interest U/s 234A: 30170
Total DEmand: 39417
Less Prepaid Tax: 36921
Net Demand: 2496
Rounded of to RS. 2500
Is this a notice?
How should i reply to the income tax department for the same.
Should i file for rectification or need to go to the income tax office and submit my documents relating to the income and tds.
Please help??
I have filed the return for assessment year 2011 - 2012 on 14.09.2011 and had claimed a refund of Rs. 30000. However now i have received an intimation u/s 143 (1) with a demand of Rs. 2500 and they have shown the break up of the same as below.
Income: 249780
Prepaid taxes : 36921
Demand Tax: 8978
E Cess : 269
Interest U/s 234A: 30170
Total DEmand: 39417
Less Prepaid Tax: 36921
Net Demand: 2496
Rounded of to RS. 2500
Is this a notice?
How should i reply to the income tax department for the same.
Should i file for rectification or need to go to the income tax office and submit my documents relating to the income and tds.
Please help??
CA Suraj Lakhotia
(Expert)
08 February 2013
What is the difference between the income declared by you and income computed in the intimation?
When did you pay the advance tax/self assessment tax? Does the tax paid by you matches with the credit given by department?
Supreme Court has held that -
" it is clear that interest u/s.234A is compensatory in nature and the same cannot be charged if taxes are paid before the due date of furnishing return of income even if the furnishing of return gets delayed"
Full text of article available -
https://www.bcasonline.org/articles/artin.asp?867
If self assessment tax/advance tax is paid before the due date, interest u/s 234A would not be applicable.
When did you pay the advance tax/self assessment tax? Does the tax paid by you matches with the credit given by department?
Supreme Court has held that -
" it is clear that interest u/s.234A is compensatory in nature and the same cannot be charged if taxes are paid before the due date of furnishing return of income even if the furnishing of return gets delayed"
Full text of article available -
https://www.bcasonline.org/articles/artin.asp?867
If self assessment tax/advance tax is paid before the due date, interest u/s 234A would not be applicable.
CA Suraj Lakhotia
(Expert)
08 February 2013
Intimation u/s 143(1) is deemed to be a demand u/s 156 of Income Tax Act.
CA BINIT SHAH
(Querist)
08 February 2013
Sir TDS has been deducted from my commission income and there is no difference between income declared and income computed by the income tax. However i am not able to understand the basis of charging the tax and interest.
CA Suraj Lakhotia
(Expert)
08 February 2013
If Tax has been deducted at source and is way higher than the tax payable, interest u/s 234A would not be applicable.
Take the help of some CA to file a suitable reply in this case.
Take the help of some CA to file a suitable reply in this case.
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CA BINIT SHAH
(Querist)
08 February 2013
Thank you sir.
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