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220(2)
what is the maximum intrest rate under 220(2) ??
Replies (2)
As per section 220(2), if the taxpayer fails to pay the amount specified in any notice of demand issued under section 156 (as discussed) within the period as allowed in this regard, then he shall be liable to pay simple interest at 1% for every month or part of a month. Interest shall be levied for the period commencing from the day immediately following the end of the period mentioned in the notice and ending with the day on which the amount is paid.
right sir
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