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of <h1>Uniform Management of Tax Arrears: Interest as Current Demand & Quarterly Provisional Statements Required u/s 220(2.</h1> The circular addresses the management of tax arrears, emphasizing the need for uniform presentation in statements. Interest charged under Section 220(2) of the Income Tax Act is to be considered current demand in the year it is raised. Quarterly statements of tax arrears must be marked provisional if not fully reconciled and checked. Final statements are to be submitted after reconciliation, with appropriate footnotes. Each Commissioner of Income Tax (CIT) should send separate statements to the Director of Income (Research, Statistics & Planning). The procedures for posting challans and managing collections affecting arrear demand, urging timely completion of these tasks to avoid delays.
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