Section 156 of ITA, 1961 : Section 156: Notice Of Demand
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma, who runs a business, recently underwent a tax audit. The audit revealed that he had underreported his income, resulting in additional tax liability. After the assessment, the Income Tax Department concluded that Mr. Sharma owes an extra Rs. 1,00,000 in taxes, along with Rs. 10,000 as interest for late payment.
The Assessing Officer (AO) then issues...
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