If you have recently received an Income Tax Intimation Notice under section 143(1), you might be wondering what you need to do. In this article, we will explain what an intimation notice is and what actions you should take in response.
The Income Tax Department issues an intimation notice to inform you about the processing of your income tax return. When you file your income tax return, the department conducts a summary assessment to verify the accuracy of the information you provided. If they find any errors or discrepancies, they correct them and process your return accordingly. The Income Tax Department sends you the intimation notice to confirm the processing of your return and provide a summary of the assessment.
If you have received an intimation notice, you do not need to take any action unless there is something wrong. The notice is just for your information, and you can keep it for your records. If the information in the notice is the same as what you filed in your return, you have nothing to worry about.
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However, if you find that there have been significant changes made by the Income Tax Department that you do not agree with, you can file an appeal. For example, if you were supposed to receive a refund of Rs. 2 lakhs, but the department reduced it to Rs. 1 lakh, citing a reason you do not agree with, you can appeal the decision.
To file an appeal, you need to check your assessment and make sure that the department has not made any significant changes without your consent. If they have made changes that you do not agree with, you can file an appeal and contest the decision.
In conclusion, receiving an intimation notice under section 143(1) is not a cause for concern. If you have received one, simply review it to ensure that the information is correct. If there are no issues, keep the notice for your records. However, if there are significant changes that you disagree with, you can file an appeal to contest the decision. If you have any further questions or concerns about income tax notices or GST notices, you can reach out to a tax consultant for assistance.