Income tax verfication for financial year

Others 328 views 2 replies

B

Engin

205 Points Posted on 08 June 2012

When do the IT department verify whether TAX submitted for the financial year is proper or not at the year end? Is it done at the moment they are getting the Income tax return form from individuals? Is there any further verification after the IT department provided us the acknowledgement for the income tax return submission? How is this verification process carried out?

Thanks

Replies (2)

Prateek Agarwal

Sr. Executive - Finance & Accounts

1732 Points Posted on 08 June 2012

Income Tax Dept will send you the Intimation u/s 143(1) after you have submitted your return.

They will check the figures of the return and compute your tax liability according to them, compare them with yours and will intimate the amount which is either payable or refundable.

B

Engin

205 Points Posted on 08 June 2012

Prateek

How long does it take to do the following work by IT department

'check the figures of the return and compute your tax liability according to them, compare them with yours and will intimate the amount which is either payable or refundable' ?

Suppose they found that there is an amount which I need to pay to the IT department. Will they fine and ask for some extra amount as fine when they are intimating an individual who has filed the return? Will they fine or they will ask for an interest on the amount that the individual need to pay to the IT department? How much is the roughly the interest/fine amount?

Thanks.