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of <h1>Income Tax Act Section 156 requires demand notice for tax payments with special deferral rules for startup equity shares</h1> Section 156 of the Income Tax Act, 1961 mandates that when any tax, interest, penalty, fine or other sum becomes payable under any order, the Assessing Officer must serve a notice of demand in prescribed form specifying the payable amount. Intimations under certain assessment sections are deemed as demand notices. For income from specified securities or sweat equity shares from eligible start-ups beginning assessment year 2021-22, tax payment is deferred until the earliest of forty-eight months from assessment year end, sale of securities, or cessation of employment, with fourteen days allowed for payment thereafter.
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