Is there any option to enable inbound and outbound alerts in windows. 8.1 without addind any third party app?
WFwAS will generate alerts, but not like 3rd party softs. You can add BiniSoft's Windows Firewall Control - it will give good outbound connection alerts plus it has some useful features - like WhoIs, IPVoid, etc lookups.
I like BWFC, but it can be quite a busy experience until I have "Allow" rules configured for all safe apps on my system.
If you are going to use WFwAS then I would use a Guest Account or anti-executable; some malwares using an Admin account can disable WFwAS, UAC, Windows Action\Security Center, etc. Just be careful if you use Windows firewall - it is good at filtering - but it needs to be protected... Windows' own built-in self-protections are weak.
FYI those same malwares can sometimes disable 3rd party AV - either partially or completely. For example, Avira - completely, Comodo - partially\malfunction, Kaspersky - partially\malfunction...