ITR Update: The last date for filing Income Tax Return for the current assessment year 2022-23 has passed and the Income Tax Department is now evaluating your filed ITR. In this process, letter of intimation was also sent by the department which is very useful for the taxpayers.
The last date for filing Income Tax Return (ITR) has passed and now the Income Tax Department is sending an intimation letter after scrutinizing your ITR. Many taxpayers get scared after seeing this letter that whether the department has given them a notice.
Clearing its doubts, tax affairs expert Balwant Jain says that this is a routine process of the Income Tax Department. After your return is filed, the department scrutinizes it and reconciles it with its records. After this sends you an intimation letter under section 143(1) of Income Tax. This includes all the information given by you along with the information matched with the records with the department. If your data does not match with the records available with the department, then its information is also available through the intimation letter. You can also present the same letter as ITR while taking a loan.
Why does the letter of intimation come The Income Tax Department usually sends letter of intimation to all the taxpayers. This means that the ITR filed by you has been processed. If a taxpayer does not receive this letter, it means that the department has not processed his ITR. Apart from this, the letter also contains the details of the mistakes made on your part. The department will tell that you have entered such data wrong and only after rectifying it, the process of your refund will be started.
The Income Tax Department also informs you about the outstanding tax through the intimation letter. If there is a tax due on any taxpayer and the department has asked to deposit it, then you should deposit your outstanding tax within 20 days of receiving the letter. If this is not done, then after the lapse of 30 days, you will also have to pay interest at the rate of 1 percent every month. Even if the data of the department does not match with the data entered by you, the answer to this letter should be sent to the department as soon as possible.
The amount of refund is also disclosed , through the intimation letter sent by the department, the refund received by the taxpayer is also known. The department tells you in this letter how much money you are left in the form of refund after processing ITR. In such a situation, it is important that after you get the letter, open it through the password and read it carefully. Assess the information given in it and if the department has raised any question, then try to answer it in time.
