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of <h1>Pay Wealth Tax Demand in 30 Days or Face 1% Monthly Interest; Extensions Possible, Relief for Hardship Cases</h1> Under the Wealth Tax Act, 1957, any amount specified in a notice of demand must be paid within thirty days. The Assessing Officer, with approval, can shorten this period if necessary. Failure to pay within the specified time incurs a simple interest of one percent per month. The Chief Commissioner or Commissioner may reduce or waive interest if payment causes hardship, is beyond the assessee's control, and if the assessee cooperates in inquiries. The Assessing Officer can extend payment time or allow installments. Non-payment results in default status, and appeals can delay default classification. Assets in countries with remittance restrictions are exempt from default status.
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