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NEW SCHEME OF PROCESSING OF RETURNS UNDER SECTION 143(1)

Income Tax - Return of Income and Assessment Procedure - 17 - Processing of return [Section 143(1)] (1) Where a return has been made u/s 139 or in response to a notice u/s 142(1) such return shall be processed in the following manner, namely:- (a) the total income of an assessee shall be computed after making the following adjustments to the total income in the return- (i) any arithmetical error in the return; or (ii) an incorrect claim, if such incorrect claim is apparent from any information i .....

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urnished beyond the due date specified u/s 139(1) (vi) addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income in the return Provided that no such adjustments shall be made unless an intimation is given to the assessee of such adjustments either in writing or in electronic mode: Provided further that the response received from the assessee, if any, shall be considered before making any adjustment, and in a case where no response .....

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or generated and sent to the assessee specifying the sum determined to be payable by, or the amount of refund due to, the assessee after the aforesaid corrections. The amount of refund due to the assessee shall be granted to him. An intimation shall also be sent to the assessee in a case where the loss declared in the return by the assessee is adjusted but no tax interest or fee is payable by, or no refund is due to, him. No intimation shall be sent after the expiry of one year from the end of t .....

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