https://www.taxtmi.com/manuals?id=5712 Tax under a notice of demand under section 156 is generally payable within 30 days, though the Assessing Officer may shorten that period with prior approval if revenue is at risk. Failure to pay within time attracts simple interest at 1% per month or part of a month, subject to adjustment where the demand is later reduced or increased, and subject to specified exclusions and overlaps with other interest provisions. The section also provides for reduction or waiver of interest on hardship grounds, extension of time or instalments, deemed default consequences, and limited discretion to treat an assessee as not in default in disputed or foreign remittance-restricted cases. en-us Wed, 06 Nov 2024 12:45:00 +0530 Thu, 16 Apr 2026 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=5712 Tax under a notice of demand under section 156 is generally payable within 30 days, though the Assessing Officer may shorten that period with prior approval if revenue is at risk. Failure to pay within time attracts simple interest at 1% per month or part of a month, subject to adjustment where the demand is later reduced or increased, and subject to specified exclusions and overlaps with other interest provisions. The section also provides for reduction or waiver of interest on hardship grounds, extension of time or instalments, deemed default consequences, and limited discretion to treat an assessee as not in default in disputed or foreign remittance-restricted cases. Manuals Income Tax Wed, 06 Nov 2024 12:45:00 +0530 https://www.taxtmi.com/manuals?id=5712