TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Seized assets applied to tax liabilities; custodian can explain in 30 days, surplus released with senior approval within 120 days</h1> Assets seized or requisitioned may be applied to discharge existing tax liabilities (including penalties and interest) determined on completion of relevant assessments or block-period assessments; if the custodian explains acquisition satisfactorily within 30 days, liabilities may be recovered from the asset and the balance released with prior senior approval, and such release must occur within 120 days of the last search/requisition authorization. Cash is applied first; non-cash assets are treated as under distraint and may be sold to satisfy liabilities. Any surplus is returned to the custodian. Other recovery modes remain available. The State pays simple interest (½% per month or part) on excess seized amounts from the 120-day point to assessment completion; advance tax is excluded from 'existing liability.'
TaxTMI 
TaxTMI 
