The decision came after a run of five consecutive defeats which left the League One team 19th in the table, only two points adrift of the relegation zone.
Ince, who had been at the helm at Meadow Lane since October 2010, failed to achieve the objective of making the club playoff challengers as they slipped further down the league
To make things worse, the Magpies have not found the back of the net a single time in the last eight games and crashed to a 2-0 home defeat against Oldham, which saw them slip to 19th.
According to the club's official website, Notts County chairman Ray Trew said: "It was with a heavy heart that the Board of Directors called a meeting in the aftermath of our defeat to Oldham.
"However, the recent run of results, which saw us win just once in March, meant that we were all in agreement that we had to address the situation.
"When we sat down to discuss the matter with Paul, it became clear that we were in agreement that a parting of the ways would be the best way forwards for all parties.
"I would like to place on record my thanks to Paul for his effort and commitment during his time at Meadow Lane, I am certain that under other circumstances things could have been very different, but we believe that this decision is in the best interests of both Paul and the club."
While club are in search of a new permanent manager, Head Scout Carl Heggs has been appointed caretaker for the game against Rochdale on Tuesday.