Section 143 of ITA, 1961 : Section 143: Assessment

Explanation using Example

Imagine Mr. Sharma, a salaried employee, files his income tax return for the financial year 2021-22. He includes his salary income, interest from savings, and claims a deduction for his investment in a tax-saving fixed deposit under Section 80C of the Income-tax Act, 1961.

After filing the return, the Income Tax Department processes his return under Section 143(1) of the Act. They notice an arithmetical error in his return where he has accidentally added an extra zero to his interest income, inflating the amount. Add...

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