Intimation of liability under section 73(5)

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If you've received an intimation of tax liability under Section 73(5), the first step is to verify if the amount is correct. If it is, you should pay the tax along with any applicable interest. Section 73(5) allows for a waiver of penalties if the tax and interest are settled before a Show Cause Notice (SCN) is issued. You are also entitled to request a detailed breakdown of the tax liability from the officer.

KAPIL

KAPIL (Querist)

21 October 2023 SIR

I HAVE RECEIVED A INTIMATION OF TAX LIABILITY UNDER ABOVE SAID SECTION.

KINDLY ADVICE ME THAT WHAT I HAVE TO DO AND WHAT I HAVE TO GIVEN REPLY.

AWAITING YOUR REPLY

KAPIL

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 October 2023 Check whether the tax liability under intimation is right. If so pay it with interest.
Section 73(5) waives penalty where the assessee pays the tax with interest either on his own ascertainment, or based on the determination by the proper officer, before issue of SCN.

KAPIL

KAPIL (Querist)

21 October 2023 SIR
CAN I ASK HIM/OFFICER TO PROVIDE ME DETAIL OF TAX LIABILITY DETIAL.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 October 2023 Yes you can ask for details.

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