TaxTMI 
TaxTMI 
TaxTMI 
When tax payable and when assessee deemed in default
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....tice 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 amount specified in a....
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....ng 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.] 11[(2A) Notwithstanding anything contained in sub-section (2), 12[the 13[26[Principal Chief Commissioner or] Chief Commissioner or 26A[Principal Commissioner or] Commissioner] may] reduce or waive the amount of interest 14[paid or] payable by an assessee under the said sub-section if 15[he is satisfied] that- (i) payment of such amount 16[has caused or] would cause genuine hardship to the assessee ; (ii) default in the payment of the amount on which interest 17[has been paid or] was payable under the said sub-section was due to circumstances b....
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....e assessee before the expiry of the due date under sub-section (1), the 18[Assessing] Officer may extend the time for payment or allow payment by instalments, subject to such conditions as he may think fit to impose in the circumstances of the case. (4) If the amount is not paid within the time limited under sub-section (1) or extended under sub-section (3), as the case may be, at the place and to the person mentioned in the said notice the assessee shall be deemed to be in default. (5) If, in a case where payment by instalments is allowed under sub-section (3), the assessee commits defaults in paying any one of the instalments within the time fixed under that sub-section, the assessee shall be deemed to be in default as to the whole of t....
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....ubstituted vide Section 85 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "thirty-five" 2. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 3. Substituted vide Section 85 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "thirty-five" 4. Substituted vide Section 3 of the Finance (No. 2) Act, 1998 w.e.f. 01-10-1998 before it was read as, "Deputy Commissioner" Earlier, Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Inspecting Assistant Commissioner" 5. ....
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....0-1984 15. Substituted vide Section 13 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 01-04-1987 before it was read as, ", on the recommendation made by the Commissioner in this behalf, it is satisfied" 16. Inserted vide Section 13 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 01-10-1984 17. Inserted vide Section 13 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 01-10-1984 18. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 19. Inserted vide Section 62 of the Finance Act, 2000 w.e.f. 01-06-2000 20. Substituted vide Section 2 of th....