Income Tax Demand - Page 5

CBDT Strategy for Recovery of Arrears of Tax Demand for 2016-17

Since the very beginning, the focus needs to be on the reduction of Arrear Demand by de-duplication of the entries and cleansing the arrear demand data. Priority should be accorded to reduce entries of amounts less than Rs. 10000/- and those pending for more than 2 years. These steps have already been reiterated in the SOP several times. ...

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Posted Under: Income Tax |

ICAI invites Feedback on I-T Arrear Demand Verification Portal

The Income Tax Department has launched an Arrear Demand Verification Portal at which can be accessed by the assessees with their respective user-id. This portal provides various options in the assessee’s dashboard for settling/modifying the outstanding demand against the assessee’s name....

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Posted Under: Income Tax |

Recovery proceedings Initiation before stay application disposal is illegal

Khandelwal Laboratories Pvt. Ltd. Vs DCIT (Bombay High Court)

High Courtheld that the any action of revenue to recover taxes adopting coercive means is not permissible till the assessee’s application for stay under section 220(6) of the Act is disposed of. Further, an application for stay should be disposed off by a speaking order....

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High pitched assessments: 100% demand stay must be Granted

Dimension Data Asia Pacific Pte Ltd Vs DCIT (ITAT Mumbai)

The Tribunal granted 100 percent stay of demand because (a) the assessed income was more than 10 times the returned income. (Instruction 96 of 1969 was relied upon) & (b) The stand taken by the AO was at variance with the stand taken by TPO....

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TDS deducted but not deposited – Demand against deductee

NA 11/03/2016

The Central Board of Direct Taxes had issued directions to the field offices that taxpayers whose tax has been deducted at source but not deposited to the Government’s account by the deductor, will not be asked to pay the demand to the extent tax has been deducted from his income....

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Revised timeline for verification of arrear demand U/s. 245 of Income Tax Act, 1961

F.No.312/109/2015-OT 07/03/2016

In cases where that tax payer has contested the demand, CPC would issue a reminder to the assessing officer about the contention of the taxpayer, asking him to either confirm, or make appropriate changes to the demand within thirty days. In case no response is received from the AO within thirty days, CPC would issue the refund without any...

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Revised guidelines for stay of demand at first appeal stage

With a view to streamline the process of grant of stay of demand when the case of the taxpayer is pending before Commissioner (Appeals) and to standardize the quantum of lump sum payment required to be made by the assessee as a pre-condition for stay of demand disputed, the Central Board of Direct Taxes has issued fresh guidelines to the ...

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Posted Under: Income Tax |

S. 281B Revocation of property attachment on Furnishing of Bank Grantee

Under the existing provisions of section 281 B the Assessing Officer may provisionally attach any property of the assessee during the pendency of assessment or reassessment proceedings, for a period of six months with the prior approval of the income- tax authorities specified therein, if he is of the opinion that it is necessary to do so...

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Posted Under: Income Tax |

Stay of demand- Analysis of CBDT office memo dated 29.02.2016

Income-tax Department is also issuing instruction making it mandatory for the assessing officer to grant stay of demand once the assesse pays 15% of the disputed demand, while the appeal is pending before Commissioner of Income-tax (Appeals). ...

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Revised Guidelines for Stay of Demand by AO till CIT(A)’s Order

F.No.404/72-93-ITCC 29/02/2016

The CBDT has issued Office memorandum F.No.404/72-93-ITCC dated 29.02.2016 by which it has revised Instruction No. 1914 dated 21.03.1996 and issued fresh guidelines for stay of demand at the first appeal stage....

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September 2021