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Other Important Points to Note

Other Important Points to Note

1. The term ‘tax’ here means the tax payable under the Act or Rules made thereunder.

2. The phrase ‘on his own’ used in sub-section (1) indicates that such payment of interest should be made voluntarily (i.e.) even without a demand.

3. There are no specific provisions for payment of interest on the interest amount due.

4. The interest payable under this section shall be debited to the Electronic Tax Liability Register as per sub Rule 1 of Rule 85

5. Such liability for interest can be settled by adjustment with balance in Electronic Cash Ledger but not with balance in Electronic Credit Ledger

 

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