When tax, etc., payable and when assessee deemed in default

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.... sum specified in the notice of demand shall be paid within such period being a period less than the period of ^7[thirty days] aforesaid, as may be specified by him in the notice of demand. ^      (2) If the amount specified in any notice of demand under section 30 is not paid within the period limited under sub-section (1), the assessee shall be liable to pay simple interest at ^8[^9[one]per cent for every month or part of a month comprised in the period  commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid:] ^     Provided that, where as a result of an order under section 23, ^10[or sectio....

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....quiry relat­ing to the assessment or any proceeding for the recovery of any amount due from him.] ^      (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 ^19[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 ....

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....------ Notes:- 1. Substituted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 2. See also Circular No. 5-D(WT) of 1959, dated 3-8-1959. For details, see Referencer. 3. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Before it was read as:- "thirty-five days" 4. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Before it was read as:- "Wealth-tax Officer" 5. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Before it was read as:- "thirty-five days" 6. Substituted vide Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Before it was read as:- "Deputy Commissioner" Earlier "Deputy Commissioner" was substituted for "Inspecting Assistant Commissioner",....

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....Amendment) Act, 2003, w.e.f. 8-9-2003. Before it was read as:- "one and one-fourth" Earlier it was amended by the Finance Act, 2001, w.e.f. 1-6-2001. 14. Inserted vide Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 15. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Before it was read as:- "Commissioner" Earlier the word "Commissioner" was substituted for "Board" by the Finance Act, 1987, w.e.f. 1-4-1987. 16. Inserted vide Finance Act, 1987, w.r.e.f. 1-10-1984. 17. Substituted vide Finance Act, 1987, w.e.f. 1-4-1987. Before it was read as:- ", on the recommendation made by the Commissioner in this behalf, it is satisfied that" 18. Substituted for the following clauses (i) and (ii) by the Finan....