Interest on demand u/s 143(1)

This query is : Open

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)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

T E SOUNDARARAJAN

HITESH NIRANJAN SAHU

Ishwar Radhakisan Tawani

RAJ SANKLECHA

Aakash Kumar

Subscribe Now

Interest on demand u/s 143(1)

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

GST CONSULTANT

Senior Executive

Manager- Finance and Compliance

GST CONSULTANCY