All taxpayers in India, including individuals, businesses, organisations, Limited Liability Partnerships (LLPs), and Hindu Undivided Families (HUFs), are required to submit Income Tax Returns (ITRs) each year by the Income Tax Act of 1961.
The ITR filing deadline for every fiscal year is July 31st of the following budgetary year for individual taxpayers who are not subject to tax audits. For instance, the deadline for submitting IT returns for 2022–2023 would be July 31, 2023. The deadline for submitting ITR returns for people and businesses subject to tax audits is September 30.
The procedure of submitting an ITR does not, however, finish here. The Income Tax Department will begin the return verification once you have submitted your IT returns. After successful validation, you will receive a notification informing you of whether you are eligible for an IT department refund or whether you need to make any further tax payments.
According to Section 143(1) of the Income Tax Act, this notification was sent to the taxpayer's registered email address. However, it's not always simple to interpret this hint. This is a comprehensive guide to reading and comprehending the notice issued under Section 143(1).
Where Are You Going to Get the Notification?
As previously stated, the notification sent under Section 143(1) shall be delivered to the email address you entered with the Income Tax department. You use your registered email address to submit your income tax returns.
To further advise you that your tax intimation notification has been issued to your registered email address, the income tax department will also send an SMS to the registered mobile number on file with you.
How Soon Will You Get The Notification?
A month after filing your income tax return, you will receive your intimation under Section 143(1). But occasionally, it could take longer than a month. According to India's current income tax legislation, the income tax department must process each assessed ITR within a year of the end of the financial year it was filed.
Until March 31, 2023, the income tax department has to deliver notifications under Section 143(1) for ITRs submitted for the fiscal years 2022–2023.
If even after the end of the current fiscal year on March 31, you still have not received the notification, one of the two problems listed below may be to blame:
- The IT department was unable to complete your income tax return correctly. Or perhaps there was a mistake when the notification was sent to you. In this situation, you can examine all the information on the income tax division's official website.
- It is also possible that the IT department had not processed your ITR since you did not submit all the required documentation when you filed your ITR. You can file a complaint with the department in this situation by going to their official website.
How Do I Read And Open The Notification Sent To My Registered Email Address?
After receiving it on your computer or mobile device, you can download the tax intimation notice under Section 143(1). You can also download your tax intimation notice by going to the income tax department's official website and selecting "income tax intimation 143(1) download."
You then follow the instructions listed below to get your notification:
- Click on the file to open the intimation notice after downloading it in PDF format.
- To access your tax notification notice, you must enter a password. Your PAN (Permanent Account Number) and birthdate will be your password. There will be no capitalisation. Your password, for instance, would be "abcde1234f01041982" if your PAN number is ABCDE1234F and your birthday is April 1st, 1982.
- You must confirm that all the information in the notification message is accurate. Pay close attention to your PAN, name, and address.
- You can start reading the notice once you have confirmed all the information. If the tax computations described in the notice match those you included when filing your ITR return, you can verify this. The notification will also provide information about your annual income and any tax deductions you've taken. You must contact the IT department as soon as possible if there is any discrepancy.
- Check if Section 234F of the tax code entitles you to a refund from the income tax department or if you must make any additional tax payments.
What Should I Do After Getting the Notification?
You do not need to take action if the income tax department gives you a refund. The refundable funds will be transferred to your registered bank account within a few months. When the department has completed processing the refund, it will notify you.
However, if the department requests that you pay additional tax, you must do so within 30 days of receiving the notification. The department may impose one of the following fines if you miss this deadline:
- A 1% monthly interest charge will be added to your late payment for the following month.
- A fine as specified in Section 221 by the assessing officer. The maximum amount of this penalty is the amount of unpaid taxes that you are obligated to pay.
Conclusion
We believe this blog has clarified the situation surrounding the notice delivered by Section 143(1) of the Income Tax Act. Previously, after receiving this notification, taxpayers had to present themselves at the Income Tax office physically. However, thanks to technological developments, you may now answer and make money online without any issues.