Wealth-Tax Act, 1957

⁷[When tax, etc., payable and when assessee deemed in default.

⁸31. (1) Any amount specified as payable in a notice of demand under section 30 shall be paid within ⁹[thirty days] of the service of the notice at the place and to the person mentioned in the notice:

Provided that, where the ¹⁰[Assessing Officer] has any reason to believe that it will be detrimental to revenue if the full period of ⁹[thirty days] aforesaid is allowed, he may, with the previous approval of the ¹¹[Joint 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 ¹²[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 ¹³[¹⁴[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, ¹⁵[or section 23A,] or section 24, or section 25, or section 26, or section 27, or section 29, or section 35 ¹⁶[or any order of the Wealth-tax Settlement Commission under sub-section (4) of section 22D], the amount on which interest was payable under this section had been reduced, the interest shall be reduced accordingly and the excess interest paid, if any, shall be refunded:

¹⁷[Provided further that in 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 .... To read the full section download the app from Google Play store