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Collection and Recovery
a) Notice of Demand :
The assessing officer can serve a notice to any tax, interest , fine or any other sum in consequence of any order passed under the income tax act.
b) Intimation of Loss :
When in course of the assessment of the total income of any assessee, it is established that a loss has taken place which the assessee is entitled to have carried forward and set off against the income in subsequent years, the assessing officer shall notify to the assessee by a written order for the amount of the loss as computed by him for the purposes of carry forward and set off.
c) Collection and Recovery :
The amount specified in the notice of demand shall be paid within 30 days of the service of the notice at the place and to the person mentioned in the notice. If the assessing officer has any reason to believe that it will be derterimental to revenue if the full period of 30 days is allowed he may, with the prior approval of the deputy commissioner reduce the period as he thinks fit.
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Keywords:
taxation, direct taxation, indirect taxation, tax planing, tax, taxation admin, taxation procedure, income tax
