Monday, May 27, 2013

Online Rectification of IT Return - 143(1) of IT Act 1961

I received 143(1) intimation from IT department 2-3 months back. I was quite clueless about what to do about it. It was showing that I have paid less income tax, although I have paid full tax via Self assessment tax. Intimation was showing that I paid zero self assessment tax.

This 143(1) Intimation didnt have much information abt what need to be done. I was thinking of consulting some CA about it.

But Thanks to Economic Times, They saved lots my efforts and time. There is an artical abt IT return rectification in today's ET. It tells in detail abt what to do for IT intimation.

I followed their instructions and could successfully submit request for intimation.

I have decided to take pain of writing in whole article about Rectification of IT return so that lots of clueless souls like me, will get some relief.  I have also corrected some of the things as per latest IT website.

----------------------------------------------- Article as follows -------------------------------------------------

A taxpayer can rectify his income tax return online if there is an apparent mistake in the return already filed. The change can be effected only after the taxpayer has received an order under Section 143(1) from CPC Bangalore for the e-return. Rectification enables correcting the error and refilling the return for assessment. To do so, one needs to log in to the income tax e-filing website with the login name and password that have been user for filing the return.
Login name should be your PAN number.

Log In
After logging in to the site, go to the "My Account" page and click on the "Rectification Request" link in left sidebar. You will be guided to a form for rectification.

 The taxpayer must fill in the assessment year for which the rectification is sought. The latest communication reference number and CPC order date. as it appears on the intimation under Section 143(1). also need to be filled.  if the return is audited under Section 44Ab, sign the rectification return digitally. 

It gives you 3 options after you give above mentioned info in form. you choose second option and in that 3rd option of IT Return. It will show you next page to enter additional data about your self assessment tax return. You can get this information from you Tax Credit Statement.

Once the rectification return is successfully uploaded, a rectification request number and acknowledgement will be displayed. The request will be processed at CPC Bangalore. A rectification order under Section 154 can be issued or the request can be rejected.

The taxpayer has the option to withdraw the rectification return online with seven days of filing the same. 

Points to Note:
  • Only one rectification request can be filed for an assessment year as per the CPC order unless the rectification return is withdrawn.
  • A rectification should not be filed for any change in income. instead a revised return should be filed for this.
  •  Rectification request can be filed only for the last five assessment years.

Hope this information is helpful to anyone getting into similar IT tangle and take proper action in time without much energy.

Reply from IT Department:

After 15 days of filing rectification request, I got reply from IT department with Corrected data.
So looks like it got resolved.