Good Day, We're Income Tax Online is an initiative managed by experienced tax consultants to cater the need of small and medium enterprises, Individuals and other assessee's, those do not afford to avail the services of highly priced tax consultants to look after their income tax issues. It is a highly subsidized service platform which provides income tax consultancy at a very low price to the really needy people.
If any person does not remit outstanding tax money, penalty, fine or interest within the specified time period than the person is deemed to be an assessee in default and liable to pay Interest under section 220 of the Income tax Act 1961 @ 1% p.m. or part of month and Penalty may also be levied under section 221 of the Income tax Act 1961 in case of continuing default, both the said Interest and penalty are over and above the outstanding dues. Accordingly, Notice under the said sections 220 of the Income tax Act, 1961 is issued to the person for the payment of Interest and if the Income tax Officer is satisfied that penalty under section 221 should also be levied than before levying said penalty, notice under section 221(1) will be issued to the person to submit good and sufficient reasons for default of payment of outstanding dues.
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