Shreeprakash (Manager) (26 Points)
12 October 2014I have received an intimation under section 143(1) from Income tax. I am not sure if there is any demand that i have to pay. I am a salaried and have filled up ITR 1 for tax pament.
Sl No 46 - TOTAL INCOME TAX REFUND is 0.
SL No 47 - NET AMOUNT PAYABLE is 4.
SL No 49 NET AMOUNT REFUNDABLE is 0
Sl No 50 NET AMOUNT PAYABLE is 0.
There is no demand idenetification no. What should i do in this case ? Is there any further communication expected from my side. Should i pay Rs 4 to close the it.
Shree
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 12 October 2014
Not necessary, since the demand in the final coloumn is 0.
Shreeprakash
(Manager)
(26 Points)
Replied 12 October 2014
I am surprised as to why was an 143 (1) sent, if there is no demand or refund, is it because of Rs 4 discrepancy which has happened due to decimal error.
regards
Shree
Rishit Shah
(Creator TallySchool.com Co-Founder BookNagari.com)
(221 Points)
Replied 12 October 2014
As per section 288B of Income Tax Act, 1961 tax is rounded off.
If it is 5 or more than 5 it is rounded off upward and if it less than 5 it is rounded off downward.
For example, if you have to pay tax of Rs,54, it is rounded off to Rs.50.
This is the same case as yours.
Rish*t Shah
TallySchool
neeraj
(no)
(392 Points)
Replied 12 October 2014
Generally intimation u/s 143(1) is deemed as demand order....so no seperate demand order is reqd....
also since the tax is less than 5 or rounding it....you get demand of zero....
why u got intimation...? intimation is generally send in only 3 situation-refundable,payable,change in loss amt....
since your case is of payable....you got intimation....
| Originally posted by : Shreeprakash | ||
 |
I have received an intimation under section 143(1) from Income tax. I am not sure if there is any demand that i have to pay. I am a salaried and have filled up ITR 1 for tax pament. Sl No 46 - TOTAL INCOME TAX REFUND is 0. SL No 47 - NET AMOUNT PAYABLE is 4. SL No 49 NET AMOUNT REFUNDABLE is 0 Sl No 50 NET AMOUNT PAYABLE is 0. There is no demand idenetification no. What should i do in this case ? Is there any further communication expected from my side. Should i pay Rs 4 to close the it. Shree |
 |
sambit kumar
(Student)
(51 Points)
Replied 12 October 2014
PRATIK V. SHAH
(ARTICLE CLERK)
(35 Points)
Replied 12 October 2014
Dev
(Article Trainee.)
(608 Points)
Replied 13 October 2014
Shreeprakash
(Manager)
(26 Points)
Replied 13 October 2014
Thanks everybody for your clarification.
BTW Praik, whats the helpline number for the Income Tax.
regards
Shree
| Originally posted by : PRATIK V. SHAH | ||
|
It is just the confirmation or verification of income tax department of you return files. If there is any apparent mistake kike mismatch if tax paid credit, form 26 AS tds mismatch, etc. Then income tax department just intimate you regarding the same. It you do not satisfy with the same then u have an option to rectify the return or you may call helpline or go to respective or ur jurisdictional officers | |
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