Income Tax Demand - Page 2

SC directs income tax dept to refund Rs. 733 Crores to Vodafone

Supreme Court has directed the income tax department to refund an amount of Rs.733 Crores to Vodafone within four weeks A two-judge bench of the Supreme Court has directed the income tax department to refund an amount of Rs.733 Crores to Vodafone within four weeks subjected to any proceedings that the Revenue may deem appropriate [&hellip...

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Posted Under: Income Tax |

Withholding of refund against demand payable for earlier years justified

Vodafone Idea Ltd Vs ACIT (Supreme Court of India)

Uptill AY 2016-17, if a scrutiny notice u/s 143(2) is issued, the return is not required to be processed u/s 143(1) for grant of refund to the assessee however, from AY 2017-18 & onwards, a different regime is prescribed by Parliament by inserting  section 241-A which required separate recording of satisfaction on part of AO that having ...

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Online facility for Response to Outstanding Income Tax Demand

Many a times there are Mis match between TDS shown in Form 16 / Form 16A and actually deposited by Employer / Other party. However at the time of filing Income Tax Return the assessee claims full TDS as per TDS certificate received. Due to this at the time assessment CPC / AO send intimation of Demand. Further there are various reason and...

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Posted Under: Income Tax |

How to get stay on income tax demand under Section 220(6)

Whenever assessing officer issues assessment order u/s 143(3), 147, 271(1)(c) along with it notice of demand u/s 156 is also raised. This demand notice is usually required to be paid within 30 days of service/receipt of the same. In case assessee fails to pay the demand within the required time, he/she becomes assessee in default....

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Posted Under: Income Tax |

How to View Income tax Demand / Arrears Payable Online

Taxpayers can view the details of their Arrear Demand in 'My Account' as communicated by their jurisdictional Assessing Officers to CPC. Steps to View Income tax Demand / Arrears Payable Online 1. Login on https://incometaxindiaefiling.gov.in/portal/index.do 2. Go to 'My Account' and Click on 'Current Status of Arrear Demand' as depict...

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Functionality for Demand Adjustment u/s 245 by AO in ITBA

ITBA- Assessment - Demand Adjustment by AO u/s 245 Instruction No.13 19/02/2020

The functionality of demand adjustment by AO u/s 245 can be accessed while passing assessment order, rectification order into the ITBA system. In case, refund is determined in Computation of Assessment, Rectification then, following 4 below mentioned options regarding demand adjustment u/s 245 shall be available through ITBA....

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Recovery of Outstaning Tax Demand – Recources With The Assesse

Month of February is the Valentine month and everyone in this world must grapple with their respective valentine. Taxman will also be busy with their valentine i.e. Recovery of the tax arrears whereas tax practisoners will also be busy with their valentine i.e. Protection of assesse and how to prevent unjust recovery of such exorbitant [&...

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How to Respond to Outstanding Income Tax Demand intimation U/s. 143(1)

Outstanding Income Tax demand arises when taxpayer’s tax as per Income Tax Return is less than the tax payable as per Income Tax Department. ITD sends the intimation under Section 143(1) asking for outstanding demand along with the calculations, stating the reason why you need to pay more tax. You can go through the calculations [&h...

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Procedure of recovery under Income Tax

Second schedule to Income Tax Act, provides for recovery procedure, providing for the following modes of recoveries i. Attachment/sale of movable/ immovable property, ii. Appointment of receiver for management of movable/ immovable properties. iii. Arrest and detention of defaulter Procedure of Procedure of recovery under Income Tax Act, ...

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Income Tax Demand U/s 143 (1) of Income Tax Act, 1961 – Possible Reasons

Yesterday, the dream day for all professionals, when at last clients has provided their details for Tax Audits and my entire professional colleague has rendered their best services to the nation and their clients. With the completion of this ITR Filing season, now Income Tax Department is processing our Filed ITR’s and starts sending in...

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