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1. Letter of Intimation u/s 143(1)An income tax return can be either filed voluntarily under Section 139 or on demand by the income tax department under Section 142(1). It is necessary to understand what happens after the taxpayer has filed the return of income.Income tax department carries out a preliminary assessment of all the returns filed and informs taxpayers of the result of such preliminary assessment. This assessment primarily includes arithmetical errors, internal inconsistencies, tax calculation and verification of tax payment. Such communication to the taxpayer post the preliminary assessment is called intimation under Section 143(1).The preliminary assessment is wholly computerised and does not have any human intervention and is delegated to Centralised Processing Center (CPC).2. Centralized Processing CenterWith the rapid increase in the number of income tax returns and a jurisdiction-based processing model for all the returns filed, tax department faced problems leading to delayed processing of income tax returns. Therefore, the Finance Act, 2008 empowered the Central Board of Direct Taxes (CBDT) to make a scheme for centralized processing of returns with a view to expeditiously determining the tax payable by, or the refund due to the taxpayers.Based on the recommendations of the Technical Advisory Group, the department adopted the strategy that CPC at Bangalore would process paper and e-returns without any interface with taxpayers and in a jurisdiction free manner. CPC project envisaged benefits for the citizens as well as the tax department. For citizens, it led to faster and hassle-free preliminary processing of their returns and also relieved the department from the burden of preliminary assessment that can be computerised and enabled them to concentrate on hardcore activities.Any communication from the income tax department creates panic for taxpayers. However, Section 143 (1) intimation is not something one needs to worry about. In this article, we would be discussing intimation sent under Section 143 (1) in detail to make it help taxpayers deal with such intimation with ease.3. Preliminary Assessment under 143(1)Initial processing of returns by CPC is completely automated and Section 143 (1) Intimation is also computer generated record. CPC validates data provided in each tax return with details available with income tax department’s own record (such as form 26AS generated through details provided by collecting banks, form 16, TDS returns etc) and this notice usually only points out apparent mistakes found out by the mainframe system.Once the return is filed, total income or loss is recomputed by the computerised system as per the department’s record and provides a comparison with data filed by the taxpayer.The intimation has two columns: ‘As provided by the taxpayer in the Return of Income’ and ‘As computed under Section 143 (1). Comparison is made for major categories such as (a) income under various heads, (b) Gross Total Income, (c) Deductions under Chapter VIA (80C, 80D etc), and (d) tax deducted at source and tax payments by taxpayers in the form of advance tax and self assessment tax.Appropriate adjustments are made to income as computed under Section 143 (1) and final tax liability or refund is arrived at.The adjustments are carried out only after giving an intimation to the taxpayer of the proposed adjustments either in writing or electronic mode i.e., to the email id provided in the income tax return filed.Response received from the taxpayer within 30 days from the issuance date of intimation will be considered before making the final adjustment and in case no response received within such period, adjustments arrived at initially will be incorporated.After arriving at final tax liability, the same is adjusted against TDS and tax payments and other relief under Section 90/91 if any.An intimation shall be prepared and sent to the assessee. Kind of intimations possible are discussed below:a. Intimation with no demand or no refund – This generally happens if the department has accepted the return as filed without carrying out any adjustments to it.b. Intimation determining demand – issued in case of adjustments made under Section 143 (1) due to a discrepancy found and tax liability is arrived at.c. Intimation determining refund – issued where any interest or tax is found to be refundable either where no discrepancy is found in the return already filed or after making adjustments as referred to in Section 143 (1) and after giving credit to the taxes and interest paid by the taxpayer.While demand notice is sent in case of final tax liability, refunds if any shall be granted to the taxpayer.4. Sample of an intimation under 143(1)5. Nature of adjustments under 143(1)Total income or loss is computed under Section 143(1) after making the following adjustments:Arithmetical error in the returnAny incorrect claim which is apparent from any information in the return where incorrect claim means the following:The claim of an item in the return which is inconsistent with another entry of the same or some other item in such return – Example: income from other sources are deducted from business income but not declared under income from other sources.Disallowance of set off of loss in the financial year which is carried forward from previous years in which return was filed beyond specified due dateDisallowance of expenditure indicated in the audit report but not indicated in the return of income.6. Time Limit for issue of 143(1)Section 143(1) intimation has to be sent within one year from the end of the financial year in which return is being filed. For eg: if the taxpayer has filed return pertaining to the financial year 2016-17 in July 2017, intimation can be sent any time till 31 March 2019.If a taxpayer does not receive any intimation within such period, it simply means there are no adjustments carried out to the return filed by the taxpayer and no change in tax liability/refund and acknowledgement filed itself is deemed to be Section 143(1) intimation.7. Action to be taken by the taxpayer after receiving a 143(1)As a first step, review certain things in Section 143(1) intimation to ensure document pertains to your return itself and data provided pertain to the same financial year as mentioned in Section 143(1) intimation. Check the name, PAN, address, assessment year for which notice has been sent, e-filing acknowledgement number.In case you are able to identify the mistakes you have made while filing your return from the 143(1) intimation, and they can be rectified by filing a revised return, please do so by logging into income tax efiling website. Please refer our article on how you can go about revising your return online.However, if no mistakes have been made and you do not agree with the adjustments made by CPC/computerised system, you can file an online rectification application under Section 154(1) intimating the correction of mistake appearing in the Section 143(1) intimation. Refer our article on filing rectification application.In case you are not satisfied with the processing of your rectification return by CPC, you can also file online grievances or contact your assessing officer. In case of no satisfactory action from CPC/assessing officer, you can file a complaint to income tax ombudsman.However, if taxpayer agrees to the tax demand raised by income tax department after carrying out adjustments as above, taxpayer is required to pay such taxes.I think you will be able to know the importance of 143(1).For more assistance and services:Contact: Adv. Vishal YadavIncome Tax & Corporate LawyerLex Baselious Law [email protected]

What to Do After Becoming Chartered Accountant, What to do after CA, After the Passing CA Final, the first decision to trouble CA’s is to choose the career option of their choice. Confusion is created by choices and options. No other profession gives such versatility to you career. While audit and taxation are fields commonly associated with Chartered Accountants.Hard work, talent, Luck, market conditions, opportunities, contacts, location, field of interest and ‘being at the right place at the right time’ will play a very significant role in your career.Don’t take up a career only for the remuneration or the glamour attached to it. Do something that interests you. A job or practice is something that you will be doing day in and day out. If you don’t enjoy what you are doing, it will become difficult to sustain yourself.What to Do After Becoming Chartered AccountantA good Chartered Accountant has sound business skills and numerical ability. Also good communication skills, objectivity, independence of thought and integrity coupled with the ability to work under the pressure of deadlines form the ingredients of your magic potion. The profession is highly challenging as a career choice.I have discussed here are just some of the popular opportunities available for CAs. Like we read in many of our books, ‘this list is just illustrative and not exhaustive’. So let us evaluate and understand some of the conventional career options available for Chartered Accountants.1. Practice:Practice is the real world of chartered accountant. In practice Audit, Taxation & Accounting is the main area of work, lot of CA’s firms earn main revenue from these area. A practicing chartered accountant gets more reputation compare to those who are in jobs. With the increasing trends of outsourcing huge opportunity in practice for CA’s. Many CA’s worked in the industry as employee for some years & than start their own practice when they able to get work. Practice required a lot of patience in starting years. The success of practice depends on the following factors:Quality of work we provide to your client.Links in the industryPatienceUnder Audit, you can go for Statutory Audit, Internal Audit, Tax Audit, System Audit in Banks, SOX Audit, Information Technology Audit, Certification related work, etc. Taxation is again divided into Direct Taxation and Indirect Taxation. Under Direct Taxation, there is Tax filings & Compliances, Appeals & Proceedings, International Taxation, Transfer Pricing, Taxation Advisory with respect to Mergers & Acquisitions, etc. Those interested in Indirect Tax can explore the areas like excise & customs, service tax, M&A Advisory, valuation for duty purposes, IDT Compliances, Appeals & Proceedings, etc.Auditors and Tax advisers command a significant amount of respect from their clients. On the flip side, professionals often complaint that Audit tends to get monotonous over a period of time and that there is little room for creativity and innovation. Taxation requires you to be updated with all the latest amendments, notifications and judgments that keep coming on a daily basis.Main works of CA’s in practice: Auditing, Taxation, Accounting means preparing Balance sheet etc, Management Consultant, Investment Banker, CMA (Credit Monitoring Arrangement) Report, Search Report, Financial Management planning, Conducting Feasibility studies, Inventory Management, Advisor, Preparing Profitability statement, ROC filling Work, Incorporation of companies, liquidation of companies, Sales tax, CST related work and certification etc these are just some examples.Main advantages of starting practicing are: You will build a base of clients for your future generation also, in job there is time limit of up to age you will work like 65 etc but in practice you can work up to u want. Practice always give a satisfaction that you are working for your own firm and the growth of which depend upon your hard work so you always try more and more hard work.2. JOB:Job is also a better option for CA’s. With the increasing trend of globalization large No. of MNC’s are coming to India so scope for CA’s are also increasing. However in slowdown in economies sometime create lower demands but always remember that ‘’WITH THE PASSING OF NIGHT A DAY WILL ALWAYS COME’’. Always hope for better is the key to growth. The people who are at the post of CFO in MNC’s or local companies are getting remuneration in Crores yearly. In job CA’s are getting a huge competition from M.B.A. (Fin).Always remember that CA’s are always better than M.B.A. (Fin).There are lot of CA’s who are working in aboard because Indian CA’s recognised as best world class professionals. When all the country adopted same Accounting Method like IFRS etc the demand for CA’s increase tremendously still huge demand for Indian CA’s in aboard like USA, CANADA, and AUSTRAILA etc. The post occupy by CA’s are:Finance ManagerAccounts ManagerInternal AuditorThese jobs lead to senior management roles such as:Financial ControllersAdvisorsDirectorsCEO,CFO, Head of FinanceMore conventional profiles for CA’s in the corporate sector are Finance & Accounts, Corporate Finance, Internal Audit, Book-Keeping, Treasury, Restructuring, Business Development etc. Remuneration in corporate Sector in different industries is widely different. Again, many CAs find it Difficult to move out of a particular profile or industry in the corporate Sector. Top recruiters for CA’s in the industry are: Banks, KPO, Investment Banking Firms, Big 4 i.e. PWC, E & Y, KPMG, Deloitte3. Teaching:Teaching is a noble profession. It not only provides you money only but reputation also like CA. Parveen Sharma Sir, CA. Vinod Gupta Sir and CA. Bhagwan Lal sir. Some CA’s are teaching with doing job or practice. One can take up teaching jobs in educational institutions for CAs, commerce graduation coaching classes, certain post graduation institutes or ICAI. Also, this need not even be a full time thing. You may get into academics along with your job/practice. There is also the option of starting up your own coaching institution with very reasonable investment. The job satisfaction in this sector is tremendous. It may not be financially rewarding in the initial stages, but in the long run it is at par or at times even better than any other sector. This field only for those people, who understand the problem of students, will want to continue in studies.4. COMPETITIVE EXAMS:Many CA’s preparing for competitive exams like Civil services however it’s not easy job but always think that CA is also not an easy job. In civil services IAS, IRS, IPS main reputed services. This is the field where you directly serve the Society. Civil services exams are most difficult or reputed exam in India. CA.Ruchika Katyal from Rothak (Haryana) is recent example she gets all India 3rank in CA-FINAL & than selected in civil services by getting all India 176 rank. Now civil services demanded math & English like other competitive exams in India. Indian civil services are considered as one of the premier services. All IAS or IPS or IFS aspirants must first clear examinations conducted by union public service commission (upsc) or state civil services commissions. Stages of exams is as follow:The Preliminary examination is an objective type of examination and is held in two papers viz. Paper-I and Paper-II. The syllabus of Paper-I comprises ¨ Current Events of National and International importance ¨ History of India and Indian National Movement ¨ Indian and World Geography ¨ Indian Polity and Governance ¨ Economic and Social Development ¨General Issues on Environmental Ecology ¨ General Science.The syllabus for Paper-II consists of Comprehension ¨ Interpersonal skills including communication skills ¨ Logical reasoning and analytical ability ¨ Decision making and problem solving ¨ General mental ability ¨ Basic numeracy. ¨English language skills.The Preliminary examination is normally held in the month of May/ June for which the notification is released in the month of November/ December of the previous year. Approximately two lakh candidates appear at the examination, the results of which are announced in the month of August. Approximately and 10000-12000 qualify for Main Examination.The Main Examination is divided into two parts – the written and the personality test. The written test, held in October/November comprises three compulsory parts, which are General Studies, General Essay an India Language and English. Apart from this, the candidate must choose two optional subjects for the examination. The question papers are of conventional essay type. Candidates who qualify at the written part of the main Examination have to appear for the personality test held in April/May.The personality test is the final stage where the candidate is interviewed to asses his/her personal suitability for a carrier in public service. The test is intended to judge the mental calibre of the candidate. The marks scored in the written test and the personality tests are added to determine the final order of merit. Usually about 700 to 800 aspirants are certified for appointment. The selected aspirants, after training, are assigned to various positions.5. Business:You can go for self business or if you have family business than it is better option. There is a one of famous thought with self business is ‘’Apna business to apna he hota h’’ means there is no such other better option like self business it may be trading or manufacturingMany CA’s join their family business to grow it & to make it better however starting own business if you have not any background is very difficult. Always think about the great businessmen’s of India like Dhirubhai ambani, Dhirubhai was not borne in a rich family & he was not so studied but he was a great businessman.‘’If you think you will do it you definitely do it.’’6. FURTHER STUDY:if you think CA’s is not sufficient than go for MBA from IIM’s or reputed institute in India like FMS Delhi, MDI Gurgaon. It will added value to your job & you can start practice in Management Consultancy.You can go for Ph.D. from IIM’s or reputed university in India. All IIM’s or university given on ICAI website are recognised CA’s for PH.D. This qualification added value to your profile.CISA (Certified Information System Auditors) from America will certainly added value to your job if you want expert in IT related field.DISA from ICAI added value to your profession if you are practicing in India you will get system Audits if you are DISA qualified.LLB from a reputed university like Delhi University (DU). In DU a time of 6 to 9 P.M. is available for classes in south campus where some CA’s are studying in LLB.There is some other professional course like CPA from America, CIMA from London, CFA, CS in India, and CMA in India.These given above all course definitely added value not to your profile but in terms of money also.

Here is a short list of what Trump did in the EARLY DAYS OF COVID-19. Along with what the Democrats did. I think you just might find that Trump actuakky handled it pretty wellDec. 10: earliest known coronavirus patientDec 15 – WHO tweets, “Preliminary investigations conducted by the Chinese authorities have found no clear evidence of human-to-human transmissionDec. 31 – Taiwan warns WHO and China possible human-to-human transmission of new coronavirus. Global health body did not make it public or share with other countries.Jan 21 – first case on US soil.Jan 23Trump advisors (Dr Fauci) informs him of new virus, he is told the ‘good news’ was that it was not deadly for most people.”WHO says Wuhan coronavirus does not yet constitute a public health emergency of international concern.China cuts off travel from Wuhan to the rest of China, but does not restrict travel to the rest of the world.Jan 28Republican Sec Health Secretary Alex Azar says US made two direct and one indirect offer to help China over past month, all refused.“.. feel confident that our Health Department and this administration are prepared and ready.” – Democrat NY Gov. CuomoJan 29 – Trump forms Task ForceTOTAL US DEATHS: 0Jan 30US first confirmed case of person-to-person transmission.WHO determines that the outbreak constitutes a Public Health Emergency of International Concern.Jan 31 – Trump administration deny entry to foreign nationals who have traveled in China in the last 14 days. Trump is widely criticized for this action.Feb 1 – Democrat Joe Biden tweets: “We are in the midst of a crisis with the coronavirus. We need to lead the way with science — not Donald Trump’s record of hysteria, xenophobia, and fear-mongering.Feb 2 – first coronavirus death was reported outside China.Feb 3 – China’s Foreign Ministry accuses the US of inappropriately reacting to the outbreak and spreading fear by enforcing travel restrictions.Feb 4WHO Director reacts to Trump’s travel restrictions, cautions against overuse of restrictionsState of the Union address, Trump warns of dangers of virus. Democrat Pelosi tears up speech.Feb 6, CDC began shipping CDC-Developed test kits for the CoronavirusFeb 7, Trump directs US pledge of $100 million to help China and other countries combat coronavirus.Feb 9, Democrat Oxiris Barbot, NYC Health Commissioner tweets, residents should attend the city’s annual parade. “I want to remind everyone to enjoy the parade and not change any plans due to misinformation spreading about #coronavirus,”Feb 22 – Trump issues Level 2 travel advisory for Japan and South Korea.Feb 23, Trump issues Level 1 warnings for Iran and Italy.Feb 24Trump asks Congress for $1.25 billion in new funding to help with coronavirus response.Democrat Speaker of the House Nancy Pelosi holds public press tour of San Francisco’s Chinatown to say there’s no reason tourists or locals should stay away from the area because of coronavirus concerns.Feb 26RE. accessibility to foreign travelers, Democrat NY Gov Cuomo boasted “front door” for visitors from around the world—while only instituting voluntary quarantines for suspected coronavirus carriersFirst US case of unknown origin.Trump issues a Level 3 travel advisory for South Korea.Feb 29First U.S. coronavirus deathDr..Fauci says, that there was nothing to worry about and it posed no threat to the US at largeARE YOU STARTING TO SEE A PATTERN YET?Trump further restricts travel from worst infected countries, like Iran, Italy and South KoreaFDA issues a new policy to develop and begin using COVID-19 tests before the agency completes its review of Emergency Use Authorization requests.March 2Trump and members of the coronavirus task force meet with pharmaceutical companies to discuss speeding up the development of a vaccine and treatment“I’m encouraging New Yorkers to go on with your lives + get out on the town despite Coronavirus, I thought I would offer some suggestions,” says Democrat Mayor Bill DeBlasio, then offered a movie recommendation.TOTAL US DEATHS: 6March 3Federal Reserve slashes interest rates by half a percentage point in an attempt to give the US economy a jolt in the face of concerns about the coronavirus outbreak. It is the first unscheduled, emergency rate cut since 2008Trump donates his quarterly salary to HHS to support efforts to “confront, contain, and combat” the coronavirus.TOTAL US DEATHS: 9March 6Trump signs an $8.3 billion spending package to combat the coronavirus. This comes a day after the Senate approved the House-passed legislation.Trump administration grants tariff relief for masks and other medical items imported from China.TOTAL US DEATHS: 15March 11WHO declares the novel coronavirus outbreak to be a pandemic.Trump addresses nation restricting travel from Europe to US for 30 days. And within some States in the USState Department issues Global Level 3 Health Advisory calling on US citizens to reconsider traveling abroad.TOTAL US DEATHS: 38March 12, CNN reporters and European Union leaders denounce Trump’s coronavirus travel restrictionsMarch 13Trump suspend all outbound cruises for thirty days and declares a national emergency over the coronavirus pandemic, freeing up nearly $50 billion in disaster funds to be used to help state officials address the virus. He waive interest payments on federal student loans “until further notice.”The FDA grants emergency approval to a new coronavirus test.TOTAL US DEATHS: 48March 14: Trump administration bars travel from UKTOTAL US DEATHS: 57March 15Medical Screenings at our airports.CDC issues guidance that gatherings of 50 or more people should be canceled for the next eight weeks.Fed Reserve cuts interest rates to nearly zero to support “economic activity”German newspaper Welt am Sonntag reports that Trump had offered funds to the German firm CureVac for a vaccine exclusively for the U.S.TOTAL US DEATHS: 69March 15 (aporox): evidence begins to emerge virus can be spread by those not showing symptomsMarch 16: Trump issues guidelines to avoid restaurants and bars, limit gatherings to 10 or fewer people and work and engage in schooling from home. National Institutes of Health begins the first phase of testing for a coronavirus vaccine.March 17 – Comfort and Mercy, both 1,000-bed hospital ships, prepared to deploy to New York and somewhere on the West Coast.TOTAL DEATHS US: 110March 18 – Trump signs into law coronavirus relief package that includes provisions for free testing for Covid-19 and paid emergency leave.TOTAL US DEATHS: 150March 18: Democrat Gov. Cuomo of New York tells nursing-home operators that they will be required to accept patients infected with the new coronavirus who are discharged from hospitals but may be still convalescing, says they have no right to refuse.March 19: Trump issues orders that require nursing homes to inform residents, their families and representatives of COVID-19 cases in their facilitiesMarch 24:Trump announced the Army Corps of Engineers & the National Guard are constructing four hospitals and four medical centers in New York and to deploy their health care professionals to New York and Washington state.TOTAL US DEATHS: 780March 25: Trump signs bill reauthorizing The Older Americans Act, which supports senior citizens by providing meals, transportation, and other crucial services.March 27, Democrat House Speaker Pelosi delays the signing of the Coronavirus relief stimulus by almost a week trying to add in: $35 million for the Kennedy Center for the Performing Arts in Washington.$300 million for the Corporation for Public Broadcasting. Debt forgiveness for the U.S. Postal Service. Tax credits for solar panels and windmills. Emissions regulations for airlines. Guaranteed seats for Big Labor on corporate boards. New rules on “the diversity of depository institutions.” Corporate information requirements on “work-life balance initiatives.” Corporate reporting mandates on employees’ “gender, race, and ethnic identity.”