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of <h1>Commodities Transaction Tax Demand: Pay Required Amount Timely to Avoid Penalties Under Finance Act, 2013</h1> The Notice of Demand under the Commodities Transaction Tax Rules, 2013, requires a specified sum to be paid by the recipient for a given financial year. Payment must be made to an authorized bank within a stipulated period, with interest accruing for late payments. Failure to pay may result in penalties or recovery proceedings under the Income-tax Act, 1961 and the Finance Act, 2013. Appeals against assessments or penalties can be filed with the Commissioner of Income-tax (Appeals) or the Income-tax Appellate Tribunal within designated timeframes. Requests for payment extensions or installments must be submitted before the deadline.
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