The Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner must pass order, either accepting or rejecting assessee’s application, to reduce or waive interest, within a period of 12 months from the end of the month in which application is received. Also no order rejecting the application shall be passed unless the assessee […]
Month: April 2018
The Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may reduce or waive the amount of interest paid or payable by the taxpayer under section 220(2), if he is satisfied that: Payment of such interest has caused or would cause genuine hardship to the taxpayer. Default in the payment of the amount […]
Every deductor has to furnish quarterly statement in respect of tax deducted by him i.e., TDS return. As per section 201(1A), interest for delay in payment of TDS should be paid before filing the TDS return to avoid the demand notice at a later date.
When a demand notice is served and an appeal or proceeding is filed or initiated with respect to the amount specified in the notice of demand(by the assessee) then such demand is valid till the appeal is disposed by the appellate authority or disposal of proceedings, and any such notice of demand shall have the […]
Let us first understand the provisions of section 220(1) relating to payment of tax as per demand notice. Then we will understand the provision for levy of interest in case of non-payment of tax demanded as per demand notice issued under section 156. When a demand notice under section 156 has been issued to the […]
Last date for payment of tax deductions for March 2018 – 30th April, 2018. Filing of TDS Returns for the quarter ended March 2018 (FY:2017-18 Quarter 4) is already under way since 1st April. Basic provisions relating to due date for payment of TDS Sections under which interest for various delays/ defaults need to be […]