#Section 143 (1) Intimation
If the taxpayer has paid extra tax then the notification will mention the amount of tax refund. If the refund value is above Rs. 100, then the refund will be paid out to the taxpayer. Refund values below Rs. 100 will not be paid out.

If the taxpayer has paid taxes, which after computation are found to be short, then the notice will state the amount of tax due by the taxpayer and will also enclose a challan for the same payment.

A simple notice which states that the tax returns filed by the taxpayer fall in line with the computation made by the assessing officer. In such cases no specific intimation is sent to the assessee and the assessee should treat the ITR V acknowledgement of filing of return of income as the intimation notice.

Income Tax Notice
You may receive a notice if you have done high-value transactions. The income tax department identifies taxpayers who have made high-value transactions in any financial year but not yet filed an income tax return.

Bank Loan Interest
In an effort to curb inflation and promote economic growth, the Reserve Bank of India increased the benchmark repo rate by 50 basis points (bps) on Friday to 5.4%.

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DISCLAIMER:
The content of this video is my own opinion and is for information purposes only. It is not intended as a substitute for professional financial advice. It is only intended to provide educational purposes.

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