SUBSCRIBE(free)-Daily Updates (Click Verification Link Received in Your Email)

Rule 119 of Income Tax Rules 1962: Levy of interest under section 220(2) in a case where a recovery certificate is issued

Rule 119 : Levy of interest under section 220(2) in a case where a recovery certificate is issued
(Part XV : Miscellaneous)

(1) At the time of issuing a certificate under section 222, the Assessing Officer shall calculate the interest payable under sub-section (2) of section 220 on the amount of arrears of tax, penalty or other sum up to the date of the issue of the certificate.

(2) The amount of interest calculated under sub-rule (1) as reduced by the amount of such interest, if any, paid by the assessee before the issue of the certificate shall be indicated in the certificate issued by the Assessing Officer.

(3) The amount of interest referred to in sub-rule (2) and the further interest similarly calculated for the period commencing immediately after the date of the issue of the certificate, shall be recoverable from the defaulter along with the amount of tax, penalty or other sum mentioned in the certificate.


Extra Notes for Readers:

- Rule 119 was introduced by the Income Tax (11th Amendment) Rules, 1989, w.e.f. 30th Nov. 1989


Reference/Source: Check at Income Tax site for latest version of the Rules - link

This page was last updated on 17th October 2016.
Submit/See Comments With: or

No comments:

Post a Comment