Income Tax Notice of demand With CA Manoj Lamba
Channel: Tax4wealth
Date: 2020-05-19

Income Tax Notice of demand With CA Manoj Lamba

Notice of demand:

If any tax interest penalty has fallen due by an order of AO then notice of demand under section 156 has issued in prescribed format.

The notice has compulsory required to be issued in prescribed form form number 7.
The amount stated in notice of demand is required to be paid within 30 days from service of notice.

The period of payment within 30 days can be reduced to 15 days or even less with the permission of higher authorities.

The period of 30 days can be extended on application of person against whom this order has been passed.

If you are not agree with demand you can also file appeal with commissioner of Income Tax appeals in form number 35 within 30 days from service of notice of demand.

If the demand arises from the order of CIT then appeal is required to be filed with Income Tax appellate tribunal within 60 days from service of order in form number 36.
Intimation under section 143 , 200 A, 206 CB is treated as Bheem the notice of demand.

If the amount has not been paid in prescribed time period it will be liable for interest @ 1.5% per month or part there off as per the provision of section 220  of Income Tax Act 1961.

In case of non-payment penalty proceedings under section 221 of Income Tax Act 1961 can also be initiated for levying an amount equal to the amount of demand


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