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TMI BlogWhen tax payable and when assessee deemed in defaultX X X X Extracts X X X X X X X X Extracts X X X X ..... he sum specified 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect of any period commencing on or before the 31st 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.] 11 [(2A) Notwithstanding anything contained in sub-section (2), 12 [the 13 [ 26 [Principal Chief Commissioner or] Chief Commissioner or 26 [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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion (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 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 commi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ually 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 for thirty-five by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 2. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 3. Substituted for thirty-five by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 4. Substituted for the Deputy Commissioner by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier Deputy Commissioner was substituted for Inspecting Assistant Commissioner by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Miscellaneous Provisions) Act, 1986, w.r.e.f. 1-10-1984. 18. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 19. Inserted by the Finance Act, 2000, w.e.f. 1-6-2000. 20 . Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 21. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 22. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012. 23. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014. 24. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014. 25. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October ..... X X X X Extracts X X X X X X X X Extracts X X X X
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