08 December 2023
I have received a notice U/s 154 from TRACES, demanding a sum against "Additional late payment against the processing of latest correction". Actually this is a case of short payment, and I have paid the short amount with interest and filled the correction statement with adding new challan for required correction. My question is under which section of income tax, they levy such type of payment.
15 January 2024
Notice under section 154 of the Income-Tax Act is the rectification order issued by the department in case of mistake apparent from record*.
The Income-tax department may issue such notice in response to a rectification request filed by the Assessee or it can self-generate the rectification order, where they notice any discrepancy in the Income-tax return processed.
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