This discussion explains the ASMT-10 notice, which is issued to inform you of discrepancies found in your tax return. You must respond using ASMT-11 by either accepting the discrepancy and paying any outstanding tax or interest, or by providing a satisfactory explanation. If your explanation is accepted, no further action will be taken; otherwise, further actions under various sections of the law may be initiated.
Required to reply for above notice by furnishing ASMT-11 : Either accept the discrepancy & deposit the tax, interest or any other amount payable in relation to Notice received or furnished the explanation for the discrepancy.
As per Section 61(2) R/w rule 99(2), if the explanation given is found to be accepted then no further action is taken in this regard .
Unnless initiate appropriate action including under Section 65 or Section 66 or Section 67, or proceed to determine the tax and other dues under Section 73 or Section 74.
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