Interest calculation under Section 220: ITOs must compute year end outstanding interest and issue timely demand notices. The ITO must calculate interest under Section 220 at the end of each financial year for amounts unpaid on that date and issue a notice of demand; if the amount is paid before year end interest is computed up to the date of payment and demand issued accordingly. The Board directs ITOs to calculate year end outstanding interest and issue demands within thirty days of year end, and to compute and charge interest within one week when payment falls prior to year end.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest calculation under Section 220: ITOs must compute year end outstanding interest and issue timely demand notices.
The ITO must calculate interest under Section 220 at the end of each financial year for amounts unpaid on that date and issue a notice of demand; if the amount is paid before year end interest is computed up to the date of payment and demand issued accordingly. The Board directs ITOs to calculate year end outstanding interest and issue demands within thirty days of year end, and to compute and charge interest within one week when payment falls prior to year end.
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