TaxTMI 
TaxTMI 
When tax payable and when assessee deemed in default
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....d in the notice of demand shall be paid within such period being a period less than the period of ^5[thirty] days aforesaid, as may be specified by him in the notice of demand. ^23[(1A) Where any notice of demand has been served upon an assessee and any appeal or other proceeding, as the case may be, is filed or initiated in respect of the amount specified in the said notice of demand, then, such demand shall be deemed to be valid till the disposal of the appeal by the last appellate authority or disposal of the proceedings, as the case may be, and any such notice of demand shall have the effect as specified in section 3 of the Taxation Laws (Continuation and Validation of Recovery Proceedings) Act, 1964 (11 of 1964).] (2) If the amou....
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....st day of March, 1989 and ending after that date, such interest shall, in respect of so much of such period as falls after that date, be calculated at the rate of one and one-half per cent for every month or part of a month.] ^29[Provided also that in respect of any assessment made under section 143 or reassessment made under section 147 on or after the 1st day of April, 2027, no interest shall be charged under this sub-section in respect of any demand raised on account of penalty levied under section 270A-- (a) up to the date of passing of the order under section 250; (b) up to the date of passing of the order under section 254, where the assessment or reassessment has been made in pursuance to directions issued by the....
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....n the amount of tax specified in the intimation issued under sub-section (1) of section 200A for any period, then, no interest shall be charged under sub-section (2) on the same amount for the same period.] ^27[(2C) Notwithstanding anything contained in sub-section (2), where interest is charged under sub-section (7) of section 206C on the amount of tax specified in the intimation issued under sub-section (1) of section 206CB for any period, then, no interest shall be charged under sub-section (2) on the same amount for the same period.] (3) Without prejudice to the provisions contained in sub-section (2), on an application made by the assessee before the expiry of the due date under sub-section (1), the ^18[Assessing] Officer may ext....
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....e tax which is due in respect of that amount of his income which, by reason of such prohibition or restriction, cannot be brought into India, and shall continue to treat the assessee as not in default in respect of such part of the tax until the prohibition or restriction is removed. Explanation.-For the purposes of this section, income shall be deemed to have been brought into India if it has been utilised or could have been utilised for the purposes of any expenditure actually incurred by the assessee outside India or if the income, whether capitalised or not, has been brought into India in any form. **************** NOTES:- 1. Substituted vide Section 85 of the Direct Tax Laws (Amendment) Act, 1987....
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....85 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 10. Inserted vide Section 85 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 11. Inserted vide Section 37 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-10-1984 12. Substituted vide Section 13 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 01-04-1987 before it was read as, "the Board may" 13. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Commissioner" 14. Inserted vide Section 13 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 01-10-1984 15.....