Failure TO Pay Tax Or Penalty

Tuesday, December 10, 2013

5)Failure TO Pay Tax Or  Penalty (Sec.59)

         If the assessee fails to pay tax levied,he shall be liable to pay additional tax @ 15% per annum on the amount of such tax or penalty;such additional tax shall be calculated from the date on which such tax or penalty or part thereof,as the case may be,was originally payable to the date on which it is paid.


6)Reduction In Additional Tax/penalty(Sec.90)

      If the amount of tax or penalty in respect of which additional tax is chargeable under Section 86, 87, 88 or 89 is reduced,the additional tax,if any.levied under any of the aforesaid sections shall be reduced accordingly.

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