interest u/s 220
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2010
whther notice u/s143 is sufficient to intiate proceedings u/s 220 for interest?
(or) whether seperate demand notice is required for interest u/s220?
(or) whether seperate demand notice is required for interest u/s220?
30 June 2010
Proviso to section 156 says, intimation under section 143(1) shall be deemed to be a "notice of demand". Accordingly, if the demand is not discharged with in 30 days, provisions of section 220(2) will automatically attract meaning thereby there is no need to issue further demand notice to initiate interest levying proceedings.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2010
what is the rate of interest u/s220??
30 June 2010
It is 1 % per month or part of a month from the 31st day to the date of payment.
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