Summary Assessment

Dear all,

U/s 143(1), the assessing officer processes the return filed determining the total income after making suitable adjustments and computing the tax and interest, if any. And such tax is to be paid within 30 days from the date of receipt of such intimation. But if there is any mistake apparent from the intimation, the assesse can apply for rectification u/s 154 to AO. Does this have any effect on the time limit of remitting the tax demanded through this intimation as the failure to satisy the demand attracts interest u/s 220 and penalty u/s 221?

In case you have requested for rectification U/s 154, no penalty will be levied upon the assessee.

However, in case the demand remains as it is, or get reduced, interest may be payable to the extent of

demand only.

Time limit for such payment of the demand raised is stopped and the communication made to the officer is considered and any such amount determined has to be remmited later...

Time limit for such payment of the demand raised is stopped and the communication made to the officer is considered and any such amount determined has to be remmited later...

Thank You