Understanding 143 (1) Intimation
Intimation under section 143(1) is sent to a taxpayer only in case any tax or interest is found payable or refundable or there is any increase / reduction in loss declared as per Self Assessment of Income tax. The Intimation would contain the details of return filed by the assessee and the computation as done by the Income Tax Department.
The ITR processing can be understood from the below representation:-
a) Arithmetical Error
b) Incorrect Claims
c) Disallowances of Set off Loss
d) Disallowance of expenditure indicated in the audit report but not indicated in the ROI.
a) Intimation with no demand or no refund
b) Intimation determining the demand
c) Intimation determining the refund
Time limit to receive intimation is one year from the end of financial year in which date of filing of the return was made. If no intimation is received within one year then it can be assumed that there is no demand and no refund. In this case acknowledgement filed (ITR-V) will be treated as intimation u/s 143(1).