Payment on account of income-tax and other taxes consequent upon a regular assessment should be verified by reference to the copy of the assessment order, assessment form, notice of demand and the receipted challan. Payments or advance payments of income-tax should also be verified with the notice of demand and the receipted challan acknowledging the amount paid. The interest allowed on advance
payments of income-tax should be included as income and penal interest charged for non-payment should be debited to the interest account.
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