Income Tax Notices

Income Tax Notices2019-03-07T11:20:25+00:00

Income Tax Notices

Notice u/s 143(1)

Upon successful processing of the return an intimation under section 143(1) is issued by the CPC under any of the three instances:
• Intimation:You are being informed that after the final assessment your return calculation matches the AO’s computation.
• Refund: The AO’s calculation shows excessive tax paid by yo ..
• The AO’s calculation shows a shortfall in the tax paid by assessee.

Notice u/s 142(1):

Circumstances:
• If you have filed your return, but the assessing officer requires additional information and documents; or
• If you have not filed your return, but the assessing officer wants you to.
Purpose:
The information is called for, to enable the officer to make a fair assessment.
Requirements of AO shall be asked in the form of questionnaire. Assessee has to respond within stipulated time frame as mentioned in notice.

Notice U/S 143(2):

This is a follow-up to the notice issued under section 142(1)
Common Reasons of issuance:
• Assessing officer is not satisfied with your response.
• Not received the documents that he sought for.
• Require additional information/documents
• If you have not filed your return, but the assessing officer wants you to.
Time Limit to Respond:
Within stipulated time frame as mentioned in notice.
Consequences:
Return will subject to detailed scrutiny
Being non-responsive to this notice has consequences:
• a penalty of Rs 10,000 can be levied for each such failure
• prosecution which may extend up to 1 year
• both of the above

Notice u/s Section 148:

In the opinion of assessing officer, assessee might have escaped some income.
Requirements by AO:
They could ask to file the return for the relevant assessment year or for reassessment.
Handling of notices as per their requisites is a difficult task for such business man who want to focus more on their core area of business.
iNext is a leading organisation which have rich experience to handle the cases of income tax.
You just have to share the details with us as per the requirements of notice.

Contact Info

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