TMI BlogWhen tax, etc., payable and when assessee deemed in defaultX X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 section 23A,] or section 24, or section 25, or section 26, or se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 be in default. (5) If in a case where payment by instalments is allowed under sub-section (3), the assessee commits default in paying any one of the instalments within the time fixed under that sub-section, the assessee shall be deemed to be in def ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt) 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", by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 7. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Before it was read as:- "thirty-five days" 8. Substituted for "fifteen per cent per annum from the day commencing after the end of the period mentioned in sub-section (1)" by the Direct Tax Laws (Amend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner" 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 Finance Act, 1987, w.r.e.f. 1-10-1984 : "(i) payment of such amount would cause genuine hardship to the assessee; (ii) default in the payment of the amount on which interest was payable under the said sub-section was due to circumstances beyond the control of the assessee ; and" 19. Substituted vide Direct Tax Laws (Amendment) Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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