The Letter of Intimation is a crucial letter from the Income Tax Department that arrives in every taxpayer’s mailbox occasionally. This letter, sent under Section 143(1) of the Income Tax Act, provides an important update. whether the taxpayer owes the government a surplus or is due a satisfying refund.
Decrypting Section 143(1) Intimation
The heart of this message contains important insights for taxpayers:
- Surplus Payment: If there is an overpayment, the letter indicates the return amount which must be greater than INR 100.
- Shortfall or Discrepancy: In the event of inadequate tax payments or inconsistencies, the intimation informs the taxpayer of the amount owed as well as the challan details.
- Acknowledgement: Aside from financial implications, this letter confirms that the submitted Income Tax Return (ITR) aligns with the Assessing Officer’s assessments.
Cracking the Digital Lock: ITR Intimation Password
This letter is sent under a digital cloak protected by a password. To have access to its data, combine your PAN number in lowercase with your birth date in the DD/MM/YYYY format. For example, if the PAN is ‘ABCDE1234F’ and the birth date is 01/01/1975, the password is “abcde1234f01011975.”
Time Bounds and Assessments
The importance of timing cannot be overlooked. The Section 143(1) notification should be delivered to the mailbox within a year after the end of the relevant fiscal year. For example, if a person applies for FY 2021-22 in July 2022, they can expect the notification until March 31, 2024.
If silence is heard within this timeframe, the submitted acknowledgement serves as the Section 143(1) intimation, indicating that no changes have been made to the filed return.
Peering into Section 143(1) Assessments
It’s a preliminary examination – a first look at the revenue reported. This level involves fundamental calculations and adjustments:
- Addressing obvious arithmetic problems or false assertions seen in the return.
- Examining loss claims made after stipulated deadlines or unaccounted-for expenses shown in audit reports.
- Including income not reported on the return but reported on Form 26AS or equivalent forms.
Unveiling Your Section 143(1) Letter
Understanding the password with your PAN and birth date is all that is required to access the contents of Section 143(1) Intimation. It’s a secure digital envelope containing the key to understanding your tax responsibilities and refunds. This combination of numbers and evaluations ends in a simple process that keeps taxpayers informed of their financial duties and rights.
