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TMI BlogWhen tax payable and when assessee deemed in default [ Section 220 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Commissioner, direct that the sum specified in the notice of demand shall be paid within such period being a period less than the period of thirty days aforesaid, as may be specified by him in the notice of demand. [ First Proviso of section 220(1) ] (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 Validatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect 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. [ Third Proviso of section 220(2) ] Exception of section 220(2) Notwithstanding anything contained in section 220(2), where interest is charged under section 201(1A) on the amount of tax specified in the intimation issued under section 200A(1) for any period, then, no interest shall be charged under section 220(2) on the same amount for the same period. [ Section 220(2B) ] Notwithstanding anything contained in section 220(2), where interest is charged under section 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t day of May, 2017. [ Third Proviso of section 220(2A) ] In respect of reduction or waiver of the interest paid or payable under section 220(2) of the Act, the Central Board of Direct Taxes, for the proper administration of the Act, hereby specifies the following monetary limits as under: S.No. Income-tax Authority Monetary Limits for reduction or waiver of interest 1. Pr.ClT/ CIT Upto Rs.50 lacs 2. CCIT/ DGIT Above Rs. 50 Iacs to Rs. 1.5 crore 3. Pr.CCIT Above Rs. 1.5 crore Extension of Time for Payment or Instalment Option for Assessees Under Section 220(1) Without prejudice to the provisions contained in section 220(2), on an application made by the assessee before the expiry of the due date under section 220(1), the Assessing Officer ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee as in default in respect of that part of the 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. [ Section 220(7) ] 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. Important Notifications Circulars Order under section 119(1) of the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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