Options and duration for payment of requisite amount.

Tax202220 sections

Statutory text

(1) The requisite amount shall be paid under One Time Payment option: Provided that, in case the arrears are in excess of rupees fifty lakhs, then the applicant may opt to pay the requisite amount under Installment option.
(2) The duration for the payment of requisite amount and the submission of application under this Act shall be as given in the Table below :- TABLE TABLESr. No.ParticularsOption 1 : One Time Payment Option Option 2 : Installment option(1)(2)(3)(4)(a) Duration for submission application under section 12.Commencing from the 1st April submission of the 1st April 2022 and ending on the 14th October 2022.Commencing from 1st April 2022 and ending on the 14th October 2022.(b)Duration in which requisite amount is to be paid.Commencing from the 1st April 2022 and ending on the 30th September 2022.Minimum 25 per cent. of requisite amount to be paid. during the period commencing from the 1st April 2022 and ending on the 30th September 2022 and remaining of requisite amount in three equal quarterly installments from the date of the application under section 12. All installments shall be paid within nine months from the date of application : Provided that, if any installment is paid beyond the due date, it shall attract interest at the rate of twelve per cent. per annum : Provided further that, in case all instalments are not paid within nine months, proportionate benefit as specified in section 8 and section 9 shall be granted.

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