https://www.taxtmi.com/article/detailed?id=1263 Regulations assign the Secretary and a Recovery Officer to recover penalties: issue a demand notice (Form I) with a payment period (usually 30 days), record payments by challan, and, on default, issue a recovery certificate (Form III) authorising recovery by attachment and sale, court applications, or reference to the Income Tax authority; interest accrues on defaults, time may be extended or installments allowed, transfers after notice are void against penalty claims, and excess penalties must be refunded by Secretary upon appellate reduction. en-us Sat, 23 Apr 2011 12:44:24 +0530 Sat, 23 Apr 2011 12:44:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1263 Regulations assign the Secretary and a Recovery Officer to recover penalties: issue a demand notice (Form I) with a payment period (usually 30 days), record payments by challan, and, on default, issue a recovery certificate (Form III) authorising recovery by attachment and sale, court applications, or reference to the Income Tax authority; interest accrues on defaults, time may be extended or installments allowed, transfers after notice are void against penalty claims, and excess penalties must be refunded by Secretary upon appellate reduction. Articles Other Topics Sat, 23 Apr 2011 12:44:24 +0530 https://www.taxtmi.com/article/detailed?id=1263