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

Income Tax - Return of Income and Assessment Procedure - 17 - APPLICABILITY:- Provisions applicable under [Section 143(1)] Under section 143(1), the Assessing Officer can complete the assessment without passing a regular assessment order. The Assessment is completed on the basis of return submitted by the assessee. The provisions of section 143(1) are explained in the paras given below:- Under the provisions of section 143(1) as applicable before April 1,2008, there was no provision for correcti .....

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formation in the return. An intimation shall be prepared 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 foresaid corrections. The amount of refund due to the assessee shall be granted to him. No intimation shall be sent after the expiry of one year from the end of the financial year in which the return is made. The acknowledgement of the return shall be deemed to be the intimation in a case where no sum .....

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deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction. Intimation under section 143(1) shall be sent in the following three cases only:- (i) where tax or interest is found payable on the basis of the return, after making the adjustments referred to in section 143(1) and after giving credit to the taxes and interest paid; or (ii) Where any tax or interest is found refundable on the basis of the return, .....

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nder section 154. An appeal can be filed to Commissioner OF Income-tax (Appeals) against the intimation under section 143(1). The intimation under section 143(1) is deemed as notice of demand under section 156. The demand in the intimation issued under section 143(1) should be paid within 30 days from the date of receipt of such intimation. If the assessee fails to pay the demand within said 30 days, then he shall be deemed to be an assessee in default. Adjustment only through computerized proce .....

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