The Income Tax Department will give you an intimation under section 143 (1) of the Income Tax Act once your ITR documentation has been processed, letting you know if you owe any additional tax or if you are due for a refund.
However, understanding the intimation sent under section 143 (1) isn’t always straightforward.
It is critical that a person read and understand this notice of income tax. This is because this letter informs you whether the income tax calculation you provided in your ITR matches the information held by the tax department.
The tax department examines for any errors, internal inconsistencies, tax and interest calculation, and confirms tax payment made, among other things, when processing ITRs. The tax agency provides the notification under section 143 once the ITR is processed. Keep in mind, however, that the tax department does a preliminary check while processing ITRs. They can still issue you an income tax notice in the future, asking for more information under a different provision.
What is the password for Section 143(1) intimation?
The Section 143(1) intimation is password-protected. To open the file on your device enter your PAN in lowercase, followed by your date of birth in DDMMYYYY format. For example, if your PAN is ABCDE4321F and your birth date is 02/02/2000, the password to unlock the notification will be “abcde4321f02022000.”
Assessment under section 143(1) can be made within a period of 9 months from the end of the financial year in which the return of income is filed.
Scope of assessment under section 143(1)
According to the income tax department website, Assessment under section 143(1) is like preliminary checking of the return of income. At this stage no detailed scrutiny of the return of income is carried out. At this stage, the total income or loss is computed after making the following adjustments (if any), namely:-
any arithmetical error in the return; or
(ii) an incorrect claim (*), if such incorrect claim is apparent from any information in the return;
(iii) disallowance of loss claimed, if return of the previous year for which set-off of loss is claimed was furnished beyond the due date specified under section 139(1); or
(iv) disallowance of expenditure indicated in the audit report but not taken into account in computing the total income in the return; or
(v) disallowance of deduction claimed u/s 10AA, 80IA to 80-IE, if the return is furnished beyond the due date specified under section 139(1); or
(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. However, no such adjustment shall be made in relation to a return furnished for the assessment year 2018-19 and thereafter.