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U/s 245 of Income Tax Act 1961 revised timeline for verification of arrear of demand

Income Tax - F. NO. 312/109/2015-OT - Dated:- 7-3-2016 - OFFICE MEMORANDUM DATED 7-3-2016 Reference is invited to Office Memorandum of even number dated 29-1-2016 vide which the procedure to be followed in cases where notice under section 245 has been issued for returns to be processed during FY 2015-16 was specified by the Board. It was prescribed in the O.M. under reference that- (a) In cases where that taxpayer has contested the demand, CPC would issue a reminder to the Assessing Officer abou .....

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agree with the demand and submit response on the e-filling portal within thirty days. In case no response is received from the taxpayer within thirty, days, CPC would adjust the demand and issue the balance refund, if any, to the taxpayer. 2. In view of the large volume of pending refunds which arc subject to proceedings under section 245 and the timeline of 30 days for responding to the notice allowed to the assessee and the same time period allowed to the Assessing Officer to confirm/correct t .....

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