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June 2015

Direct Taxes

By Pinky Shah, Sonalee Godbole Chartered Accountants
Reading Time 1 mins
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Procedure for response to arrears of demand by assessees and verification and correction of demand by assessing officers – Circular No. 8/2015 dated 14.05.2015

CBDT has laid down detailed procedure to be followed by the assessee on the CPC demand portal when they receive a notice for arrears of demand. It has been provided that the assessee can either

accept the demand and pay it or refund due, if any would be adjusted.

Can partially accept the demand and mention the correct amount and payment thereof.

Can claim that the demand is incorrect and then choose the reasons for the same. Based on the option selected, the assessee needs to furnish additional information like challan details, etc to support its claim.

Option is also available for sorting the matter offline with the assessing officer with the requisite paper trail.

There are guidelines for the Assessing Officer for processing the cases for verification and correction of arrears of demand. A format for the Indemnity bond has also been notified.

No TDS on Corporations established for the welfare and upliftment of ex-service men served for armed forces under Section 10(26BBB) of the Act – Circular No. 7/2015 dated 23rd April 2015

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