This income tax notice under section 134(1) is sent only if there is any discrepancy in the income mentioned in the return and form 16, Section 80C deductions and Form 16AS, then verification will be sought.
Reasons for Section 143(1a) Income Tax Notice:
- Section 80C Deductions (Tax Saving Mutual Funds, Life Insurance etc.)
- Section 24 Deduction (Tax Benefit of Home Loan)
- Section 80CCD Deduction (Contribution to Nation Pension Scheme).
- Section 80E Deduction (Education Loan)
- Section 80D Deduction (Medical Insurance Premium)
- Section 80DD Deduction (Deduction for Disability)
- Section 80DDB Deduction (Treatment of Specified Disease)
- Section 80TTA Deduction (Interest on Savings Account)
- Claiming Section 10 Deduction (HRA etc.)
Time limit to respond: Within 30 days of issue of intimation.
If you get notice under section 143(2), it means your returns has been selected for scrutiny by Assessing officer which means the tax filed return by you was incomplete in document or not proper.
This can be of three types:
- Limited purpose Scrutiny.
- Complete Scrutiny.
- Manual Scrutiny.
Time limit to respond: The assessee will have to appear in person before the officer on the date specified in the notice.
This is an intimation about the returns filed by you.
Reasons for Section 143(1) Income Tax Notice:
- If the taxpayer has paid extra tax then it will mention the amount of tax refund.
- If the taxpayer has not paid the full tax then notification will mention the amount of tax due by taxpayer.
- If the taxpayer gets the simple notice which clearly states that income tax returns computation is correct by Assessing officer. In this case, taxpayer should treat this notice as ITR V acknowledgment.
Time limit to respond: If tax is due then you will have to pay it in within 30 days. If there is no discrepancy then you no need to worry about this.