Quick Summary
The Income-tax Department has released Draft Form No. 103, prescribing the format for issuing a Notice of Demand under Section 289 of the Income-tax Act. The form formalizes the process of communicating tax dues determined through assessment, penalty, or appellate orders. The draft provides clarity
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FAQ :
Draft Form No. 103 is a statutory notice issued by the Assessing Officer to inform a taxpayer about a specific sum determined as payable, including details like the amount, payment deadline, and consequences of non-payment.
Under Draft Form No. 103, the tax demand must generally be paid within 30 days of the notice being served, though a shorter period may be granted with prior approval.
If the demand is not paid within the specified period, simple interest at 1% per month or part of a month will be levied, and penalty proceedings may be initiated, potentially up to the amount of tax in arrears.
Taxpayers can appeal to the Commissioner (Appeals) within 30 days of notice receipt (Form No. 35) or to the Income-tax Appellate Tribunal within 60 days of an appellate order (Form No. 115).
Payments can be made digitally via the income tax e-filing portal or by cheque at authorised banks. Taxpayers seeking an extension or instalment facility must apply to the Assessing Officer before the 30-day period expires.
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