Interest on demand u/s 143(1)

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Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2012 On behalf of my Private limited company, I deposited an Advance tax for A Y 2011-12 of Rs.190000/-. As IT Deptt. not received the amt of Adv Tax they issued us an intimation u/s 143(1) and order to pay demand of Rs.156594/- correspondingly adjest the refund amount also.
The Date of Intimation was 28/01/2012. On further verification it was found that the Bank had not paid the said amount to Income Tax Authority and now they are ready to pay the said amount of 190000/- to us. As the bank is ready to pay the amount back to us, Then we have to pay the amount to I Tax Deptt. along with interest.
Will we have to pay the interest from the date of intimation (28/01/2012) till date.

Plz Reply Its Urgent.

swasti

swasti (Expert)
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19 September 2012 In my opinion, since you had paid the advance tax from your side and must have the acknowledgement of the challan, you can produce the challan to the Income Tax department as a proof of tax being paid. You may file a rectification u/s 154 alongwith copy of the challan as a proof of tax been paid by your company. Let them enquire from the bank. It is not a fault on your part.

If we see on the negative side of the case, as per CBDT circular, a company has to pay tax vide e-challan only.

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2012 Thanks Swasti

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