Curious to know about what is section 143 1 of Income Tax Act? Section 143(1) of the Income Tax Act, 1961, pertains to the initial assessment of income tax returns. Once you file your income tax return, it undergoes a preliminary check under this section. Let me tell you more about this section.
What is 143 1 in Income Tax?
The assessment under Section 143(1) is carried out by the Centralised Processing Center (CPC) of the Income Tax Department, without any detailed scrutiny of the return. It is an automated process aimed at verifying the arithmetical accuracy and consistency of the information provided.
There are three possible outcomes of this assessment:
If the return is found to be accurate, an intimation is sent to you, acknowledging the same.
If a refund is due, you will be informed, and the refund is processed.
If a discrepancy is found, such as unpaid taxes, you will be notified with details of the demand.
The intimation includes details like the returned income, tax payable, tax deducted at source (TDS), and any corrections made by the department. If you agree with the corrections, you must pay the additional tax. If you disagree, you can seek rectification or file an appeal within 30 days of receiving the intimation.
Basically, Section 143(1) of the Income Tax Act ensures that income tax returns are processed efficiently and that any errors or discrepancies are corrected at an early stage without initiating a detailed scrutiny. I hope you get an idea of what is 143 1 of Income Tax Act.
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What is Section 143 1 of Income Tax Act?
Gurpurab
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2 months
2024-09-30T11:09:29+00:00 2024-09-30T19:01:40+00:00Comment
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