Recovery

Income Tax Act provides wide powers of recovery to assessing officer and tax recovery officer (TRO) . .Most common action for recovery of demand is attachment of bank accounts u/s 226 of the Income Tax Act of assessee.

Pay 15% of Disputed Demand to Get A Stay till Disposal of Appeal

Based on recommendation of tax simplification committee report  CBDT has now modified the earlier on stay of disputed demand . The new instruction has...
attachment

10 Investments That Can’t Be Attached by ITO or TRO!

When any tax is raised by an income tax authority  , the usual payment time allowed to assessee is thirty days from service of...
tax clearance certificate

How to Get Tax Clearance Certificate Valid for 5 Years !

In previous post on tax clearance certificate under Income Tax Act , it was brought before readers , that expatriates in India are required...
waiver of interest

How to Apply for Waiver of Interest Charged U/s 234A , 234B & 234C...

Income Tax Act provides that if an assessee does not file return within due date , he will have to pay interest under section...
loan defaulter

Loan Defaulter /Guarantor Beware ! CBDT Directs CCITs for Supplying Wealth Tax Info to...

Non Performing Asset is a very big problem for Indian banks , specially public sector banks. So ,banks are  paying special  attention to recover...
advance tax

A Large Number of Assessees Do Not Require to Deposit Advance Tax !

In the month of March , you will find many advertisement from Income Tax Department as well as the banks regarding the 15th March...
assessee in default

5 Ways You Can Acquire Status of “Assessee in Default” & Why it is...

Most of the harsh action of the Income Tax Department starts with your status as "assessee in default" which in simple words mean an...
attachment

Six Steps to Prevent Attachment of Your bank a/c or assets by the Assessing...

Since March is the deadline for passing assessment orders, February and March 2014 will see a number of orders raising demands against the assessee....

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