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


Since March is the deadline for passing assessment orders, February and March 2014 will see a number of orders raising demands against the assessee. In that case, the new problem of payment of demand due to an assessment order arises for taxpayers. The problem is also for the assessing officer because the higher authorities keep pressing the officer for collecting the demand raised by the A.O. Therefore; tax practitioners knows that the assessing officer, in many cases, blindly uses the powers of recovery vested in him under Income Tax Act. Among the many power or recovery, most common and widely used is the attachment of bank accounts and other assets. This post is concentrating on the steps every assessee should take to prevent the A.O fro attaching the bank accounts, and other assets.

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