India - Income Tax Act 2010 - Saarc

S. 220 I.T. ACT, 1961 1.800payment of tax in respect of the income of the period which would be theprevious year for an assessment for the assessment year next following thefinancial year in which it was payable, and credit therefor shall be given tothe assessee in the regular assessment.73[***]D.—Collection and recoveryWhen tax payable and when assessee deemed in default.74220. (1) Any amount, otherwise than by way of advance tax, specified aspayable in a notice of demand under section 156 shall be paid within75[thirty] days of the service of the notice at the place and to the person mentionedin the notice :Provided that, where the 76 [Assessing] Officer has any 77 reason to believe that itwill be 77 detrimental to revenue if the full period of 78 [thirty] days aforesaid isallowed, he may, with the previous approval of the 79 [Joint Commissioner],direct that the sum specified in the notice of demand shall be paid within suchperiod being a period less than the period of 80 [thirty] days aforesaid, as may bespecified by him in the notice of demand.81(2) If the amount specified in any notice of demand under section 156 is not paidwithin the period limited under sub-section (1), the assessee shall be liable to paysimple interest at 82 [ 83 [one] per cent for every month or part of a month comprisedin the period commencing from the day immediately following the end of theperiod mentioned in sub-section (1) and ending with the day on which theamount is paid :]73. Proviso omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Originalproviso was inserted by the Finance Act, 1968, w.e.f. 1-4-1968.74. See also Circular No. 334, dated 3-4-1982, Instruction No. 96, dated 21-8-1969 and CircularNo. 530, dated 6-3-1989 read with Circular No. 589, dated 16-1-1991. For details, seeTaxmann’s Master Guide to Income-tax Act.75. Substituted for “thirty-five” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989.76. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.77. For the meaning of the terms “reason to believe” and “detrimental to revenue”, seeTaxmann’s Direct Taxes Manual, Vol. 3.78. Substituted for “thirty-five” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989.79. 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 AssistantCommissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.80. Substituted for "thirty-five" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989.81. See rule 119A.82. Substituted for “fifteen per cent per annum from the day commencing after the end of theperiod mentioned in sub-section (1)” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989.83. Substituted for “one and one-fourth” by the Taxation Laws (Amendment) Act, 2003, w.e.f.8-9-2003. Earlier “one and one-fourth” was substituted for “one and one-half” by theFinance Act, 2001, w.e.f. 1-6-2001.