TaxTMI 
TaxTMI 
Interest u/s 220(2).
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....ount of interest under section 220(2) of the Income-tax Act, 1961 for non-payment of tax, etc., by the due date specified in section 220(1) was not raised. 2. The Board had earlier issued instructions on this subject viz. Instruction No. 805 (F.No. 404/301/74-ITCC) dated 27-11-1974 and Instruction No. 844 (F.No. 400/39/75-ITCC) dated 12-6-1975. These instructions contained references to rules 118....
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....aised a doubt whether the amended provisions of section 220(2) preclude the Assessing Officer from charging interest annually or by the assessee. The matter was referred to the Ministry of Law, who have advised that the Assessing Officer is not so precluded because the liability to pay interest accrues immediately after the tax, etc. becomes due but remains unpaid. Further, the section does not sa....
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.... No. 57, prescribed under Rule 117B of the I.T Rules, for the drawing up of statement under section 222 by the Tax Recovery Officer, interest under section 220(2) from the day when amount became due, to the date of drawing up of the statement, has to be indicated in the statement. 5. The Board have also decided that in cases where the interest under section 220(2) has to be charged by the Assessi....