Options and duration for payment of requisite amount.

Tax202320 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 lakh, then the applicant may opt to pay the requisite amount under Instalment 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 :- TABLESr. No.ParticularsOption 1 : One Time Payment optionOption 2 : Instalment option(1)(2)(3) (4)(a)Duration for submission of Application of under section 12.Commencing from the 1st May 2023 and ending on the 14th November 2023.Commencing from the 1st May 2023 and ending on the 14th November 2023.(b)Duration in which requisite amount is to be paid.Commencing from the 1st May 2023 and ending on the 31st October 2023.Minimum twenty-five per cent. of requisite amount to be paid during the period commencing from the 1st May 2023 and ending on the 31st October 2023 and remaining of requisite amount in three equal quarterly instalments from the date of the application under section 12. All instalments shall be paid within nine months from the date of application: Provided that, if any instalment 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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