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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
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Ref. No. KLI/22-23/E-BB/999
Letter of intimation u/s 143(1) communicates with the taxpayer of any refund that has to be paid or an amount owed to the department. Click here to know more on what is intimation u/s 143(1).
Have you received an intimation from the income tax department and don’t know how to go about it? Here is a guide on what the letter contains, how to understand it and the process of filing a response.
Letter of intimation u/s 143(1) is a preliminary assessment intimation sent to you after you file your Income Tax Returns. This letter is a way to communicate with the taxpayer of any refund that has to be paid or an amount owed to the department. The letter of intimation u/s 143(1) is computer generated and consists of tax calculations, inconsistencies, verification of tax payment, and such calculations.
You shall get the notice through your email address used while filing your income tax returns . You may also receive the intimation on your registered mobile number.
The income tax intimation u/s 143(1) will let you know if the tax calculations filed by you match the Income Tax Department’s records. The notice could consist of either of three examples given below:
1.The notice could say that the income tax deductions claimed by you and the calculations match the department’s records. So, you don’t have any pending taxes left and no refund that has to be paid to you.
2.The intimation letter could also say that the claims made by you are wrong or that you haven’t claimed a certain source of income. It could be about owing some money to the department or there could be an error. In the end, you will find a tax demand.
3.Theintimation could also be about a refund that the department owes you. This could happen due to paying extra taxes which leads to a refund.
Follow the steps given below to read the letter of intimation sent by the income tax department:
Step 1:
Open the File
The file sent you will be password protected where your password will consist of your PAN number in lowercase and your date of birth in DDMMYYY format. For example: If your PAN number is RSTUV1234R and your birth date is 25 September 1993 then your password will be rstuv1234r25091993
Step 2:
Check the Details
After opening the file, you should check each and every personal detail mentioned to verify if anything is incorrect.
Step 3:
Verify the Tax Calculations
Now that you have verified your personal details, you should pay close attention to the table given in the income tax intimation u/s 143(1). You will find your tax calculations and the income tax department’s calculation in the table. Compare both of these to check for any inconsistencies. You can also find the claims of tax-saving investments, tax liabilities and any late filing penalties in the letter. After checking these sections, you will know if any refund or tax is due.
In case there is an error, you can file for a revised income tax returns. If you do not agree with the processing of returns, you can file for a grievance.
After you file your income tax returns, the department takes a year from the end of the financial year when you filed the returns to send you a letter of intimation. If you do not receive the letter, the email address given by you could be wrong or a document could have gone missing. You can raise a request on the e-filings website under Section 143(1).
1.Go to the official page of income tax returns (https://incometaxindiaefiling.gov.in/) and log in to your account
2.If you have received the letter of intimation, you will be able to see it on the screen
3.Click on ‘Proceeding Name’. You will now be able to view the details of the proceedings
4.Click on ‘Submit’ under ‘Response’. You will be able to view the difference between the returns filed by you and Form 26AS or Form 16/16A
5.You will get three options of responses which are ‘Agree’, ‘Partially Agree’ and ‘Disagree’ submit your response
6.In the case of ‘Agree’ or ‘Partially Agree’, a revised return has to be filed
7.In the case of ‘Disagree’, you will have to mention the reason for it and submit your response
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
