Notice u/s 143(1)

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Divya Karthik (Querist)

24 November 2010 Many of our clients are receiving Notice u/s 143(1).The difference in income computation is due to the depreciation which is mentioned in P7L Schedule but not in the computation.In the computation, we have taken net profit after depreciation.

So, how should we reply?should they file a revised returns?

Kindly help

CA. BHAVIK DILIPBHAI MEHTA

CA. BHAVIK DILIPBHAI MEHTA (Expert)

25 November 2010 Intimation u/s. 143(1) is treated as notice of demand & tax along with interest payable which is mentioned in the intimation should be paid within 30 days from the receipt of intimation. In case tax or interest is not paid within 30 days from the receipt of intimation the assessee shall be deemed to be in default and liable to interest u/s. 220 and penalty u/s. 221. Hence please do reply to the intimation. If there is any mistake that the income tax authority has committed then you may request the assessing officer to rectify the mistake u/s. 154.

Divya Karthik

Divya Karthik (Querist)

25 November 2010 Whether the reply to begivne to the income tax office or online?

venkatraman shrinivas

venkatraman shrinivas (Expert)

25 November 2010 You can file a reply clarifying your stand and seek rectification under section 154. If, however on the face of the intimation, the version of the department is correct, you are obliged to pay the tax within 30 days from the date of receipt, failing which you can be treated as an assessee in default and all recovery action can follow.

Divya Karthik

Divya Karthik (Querist)

25 November 2010 how 2 make application u/s 54?Is there any format?where should it be given?

venkatraman shrinivas

venkatraman shrinivas (Expert)

25 November 2010 ple letter addressed to the assessing Officer, in which you can high light the issue. It has no specific format. You can title it as a petition for revision under section 154. This would do, the department would act upon such petitions.

Divya Karthik

Divya Karthik (Querist)

25 November 2010 should it be mailed to bangalore CPC office or local income tax office?

CA. BHAVIK DILIPBHAI MEHTA

CA. BHAVIK DILIPBHAI MEHTA (Expert)

25 November 2010 You will have to give written request to the ward (Assessing Officer)& not at Bangalore.

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