interest u/s 220

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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?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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