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of <h1>Interest on Unpaid Taxes: Annual Demand Notices Required u/s 220(2) of Income-tax Act, 1961.</h1> The circular addresses the issue of interest under section 220(2) of the Income-tax Act, 1961, regarding unpaid tax demands. It highlights the Comptroller and Auditor General's concerns about unraised demands for interest on overdue taxes. The Board has updated previous instructions following amendments to section 220(2) and clarified that Assessing Officers must calculate and issue demand notices for interest annually if taxes remain unpaid. The Ministry of Law advised that interest liability accrues immediately upon tax due but unpaid. Supervisory officers are required to review compliance biannually and report to higher authorities. These instructions must be communicated to all relevant officers.
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