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of <h1>Amendment to Section 245D: New Tax Payment Rules, Interest Rates, and Recovery Procedures for Assessees</h1> Section 245D of the Income-tax Act, 1961, was amended effective October 1, 1984, by the Taxation Laws (Amendment) Act, 1984. The amendment removes references to the Indian Income-tax Act, 1922, and introduces new sub-sections. Sub-section (2A) mandates that assessees pay additional income tax within 35 days of receiving an order and provide proof to the Settlement Commission. Sub-section (2B) allows for extensions or installment payments if the assessee provides adequate security. Sub-sections (2C) and (2D) impose a 15% annual interest on unpaid taxes and outline recovery procedures. Sub-section (6A) specifies interest on unpaid taxes, and sub-section (8) clarifies that section 153 does not apply to certain orders by the Settlement Commission.
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