Prajna Capital

Standard Chartered Bank
Understanding Notice Section 143(1)
Edelweiss Debt and Corporate Opportunities Fund

Posted: 16 Oct 2015 05:08 AM PDT

Standard Chartered Bank

The Standard Chartered Group was formed in 1969 through a merger of two banks: The Standard Bank of British South Africa founded in 1863, and the Chartered Bank of India, Australia and China, founded in 1853.

Standard Chartered is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.

Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and America.

Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East, serving both consumer and wholesale banking customers worldwide.

From the early 90s, Standard Chartered focused on consumer, corporate, and institutional banking and on the provision of treasury services. In the new millennium Standard Chartered acquired Grindlays Bank from the ANZ Group and the Chase Consumer Banking operations in Hong Kong in 2000.

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Understanding Notice Section 143(1)

Posted: 16 Oct 2015 04:33 AM PDT

You paid all your tax dues and filed your return in time; yet you have received a notice under section 143(1) in your mailbox? Don't worry, let's help you understand this notice sent under section 143(1) by the income tax department as well as explain what suitable action can be taken to address it.

Review a few things to make sure this document pertains to your return

Check your name & address and PAN number
Check the Assessment Year (AY) for which the notice has been sent. The AY is 2015-16 for return filed for income earned in Financial Year (FY) 2014-15.
Check your e-filing acknowledgement number

Understanding Notice under section 143(1)

Notice or intimation under section 143(1) is a computer generated record. The income tax department validates each tax return with its own record and this notice usually only points out apparent mistakes found out by the system.

This intimation has two columns 'As provided by taxpayer in the Return of Income' and 'As computed under section 143(1)' where the amounts are compared for these – income under various heads and deductions, TDS and self tax payments. You can run through each of these amounts and find out where the discrepancy is. It could be that a certain TDS has been disallowed or there is a mismatch in self-assessment tax payments, a rounding off error. A final tax due or refundable is computed.

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When there is no mismatch

Its likely that all of the fields are matching and there is no tax due or refundable – in such a case you can safely assume the intimation to be an acknowledgement of your tax return. No further action is required from your side.

When there is a final tax due and you agree with it

You need to make payment of this tax due to the income tax department. Read how a payment can be made – here. Once you make a payment of the tax due, no further action is required from your end.

Where there is a final tax due and you do not agree with it

One of the situations where this arises is when a certain TDS has been disallowed. Or a self-assessment tax payment has not been considered. If you do not agree with the final calculations done by the department, you need to file a rectification under section 154(1).

This can be done by – Log on to e-Filing application https://incometaxindiaefiling.gov.in/

and GO TO –> My Account –> Rectification request. You can also reach out to your assessing officer and submit an application in writing.