payment of deman u/s in insatalment u/s 220(3)
This query is : Resolved
31 January 2011
dear experts
i want to know that if make tax demand u/s 156 in installment as per the provision of Sec 220(3)than how the payment will be adjusted by the income tax department whether it will first adjusted against interest as per the provision of sec 140A explanation or it will be propertionatly adsusted agains income tax demanded and interest payable.
i want to know that if make tax demand u/s 156 in installment as per the provision of Sec 220(3)than how the payment will be adjusted by the income tax department whether it will first adjusted against interest as per the provision of sec 140A explanation or it will be propertionatly adsusted agains income tax demanded and interest payable.
31 January 2011
Instalment payment will be adjusted towards interest first and the balance will be setoff against the principal portion of the demand raised.
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01 February 2011
thanks sir, further i want the section reference.
01 February 2011
Explanation to section 140A can be followed.
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