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of <h1>Notice of Demand for Equalisation Levy under Chapter VIII Finance Act 2016, Payment Deadline, Interest, Penalty, Appeal Rights</h1> Form No. 2 (EL-2) is a statutory notice of demand for equalisation levy under Chapter VIII of the Finance Act, 2016, issued by the Assessing Officer. It communicates the levy amount determined as payable for a specified financial year and requires payment to an authorised bank, SBI, or RBI within 30 days (or a shorter approved period), using the enclosed challan. Non-payment within the stipulated time attracts simple interest at 1% per month, potential penalty up to the levy amount, and recovery proceedings under specified Income-tax Act provisions. The form also informs the recipient of appeal rights and timelines before the Commissioner (Appeals) and the Appellate Tribunal.
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