Provisional assessments to avoid interest payments required; internal auditors must identify avoidable interest and report to CIT. Provisional assessments must be made promptly when regular assessments will be delayed to prevent accrual of interest on delayed payments. Internal Audit Parties should examine cases where interest payments were avoidable through timely provisional assessment and report such instances to the concerned Commissioner of Income Tax as part of internal audit and compliance procedures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Provisional assessments to avoid interest payments required; internal auditors must identify avoidable interest and report to CIT.
Provisional assessments must be made promptly when regular assessments will be delayed to prevent accrual of interest on delayed payments. Internal Audit Parties should examine cases where interest payments were avoidable through timely provisional assessment and report such instances to the concerned Commissioner of Income Tax as part of internal audit and compliance procedures.
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