Intimation as notice of demand: returns showing tax or interest trigger deemed demand notices; refunds are to be intimated. The substituted sub-section (1) of section 16 provides that if a return shows tax or interest due, an intimation specifying the sum payable shall be sent ... Summary
Intimation as notice of demand: returns showing tax or interest trigger deemed demand notices; refunds are to be intimated.
The substituted sub-section (1) of section 16 provides that if a return shows tax or interest due, an intimation specifying the sum payable shall be sent and is deemed a notice of demand under section 30; if a refund is due it shall be granted and intimated; acknowledgement is deemed intimation where no sum is payable and no refund due. No intimation may be sent after two years from the end of the assessment year in which net wealth was first assessable.
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