Section 220 - When tax payable and when assessee deemed in default

Interest on unpaid tax accrues monthly and may be reduced or waived where hardship, cooperation, or statutory adjustments apply.

Tax specified in a notice of demand (other than advance tax) is payable within thirty days, failure to pay attracts simple monthly interest from the day after the due period until payment, and the tax authorities may reduce or waive interest for genuine hardship, circumstances beyond the assessee's control, and cooperation by the assessee; extensions or instalment payments may be allowed, defaults on instalments make the whole outstanding due, pending appeals may suspend default treatment, and income unremittable due to foreign restrictions is excepted from default until restrictions lift.