Interest u/s 220(2)

Tax queries 12463 views 1 replies

As Per Sec 220(2) of the Income Tax Act, 1961, interest is charged on amount of outstanding demand raised by CPC/AO for the period beginning from 30 days after the notice u/s 143(1) given till the date of making payment of demand @ 1% p.m. for every month or part of month of delay period.

while in my case, calculating interest as per sec 220(2) it is almost double of the amount raised by income tax deptt on Income tax website.

If wrong please correct.  

calculation as per me =2 * amount of interest u/s 220(2) raised by deptt

 

 

Replies (1)
My dear friend, First of all section 143(1) is an intimation and not a notice of demand. But if in that intimation any amount stands payable by assessee then the intimation itself is treated as notice of demand u/s 156. Secondly the facts provided by you are not sufficient to provide appropriate reply to your query. Please provide proper dates for the same.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register