Interest on tax demand accrues monthly when a demanded amount remains unpaid after the notice period; adjustments follow variation orders. Amounts specified in a notice of demand must be paid within thirty days; the period may be reduced only with prior approval of the Joint Commissioner. If ... Summary
Interest on tax demand accrues monthly when a demanded amount remains unpaid after the notice period; adjustments follow variation orders.
Amounts specified in a notice of demand must be paid within thirty days; the period may be reduced only with prior approval of the Joint Commissioner. If unpaid after the specified period, the assessee is liable for simple interest calculated monthly from the day after the period ends until payment, and interest is adjusted upward or downward to reflect any rectification, revision or appellate order that changes the underlying amount.
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