Interest under section 220(2) accrues immediately and must be calculated annually with prompt demand issued. Assessing Officers must calculate interest under section 220(2) at each financial year end for unpaid tax and issue demand notices by April 30; if tax is paid before year end interest is calculated up to payment and charged within one week. Interest up to the date of drawing up a recovery statement must be shown in the statement and thereafter collected by the Tax Recovery Officer with the outstanding demand. Supervisory officers must carry out half yearly reviews to ensure compliance.
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 under section 220(2) accrues immediately and must be calculated annually with prompt demand issued.
Assessing Officers must calculate interest under section 220(2) at each financial year end for unpaid tax and issue demand notices by April 30; if tax is paid before year end interest is calculated up to payment and charged within one week. Interest up to the date of drawing up a recovery statement must be shown in the statement and thereafter collected by the Tax Recovery Officer with the outstanding demand. Supervisory officers must carry out half yearly reviews to ensure compliance.
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