Failure to furnish returns under commodities transaction tax attracts a daily penalty for continued non compliance. Section 125 imposes a daily penalty where an assessee fails to furnish the return within the time prescribed under sub section (1) or (2) of section 120, ... Summary
Failure to furnish returns under commodities transaction tax attracts a daily penalty for continued non compliance.
Section 125 imposes a daily penalty where an assessee fails to furnish the return within the time prescribed under sub section (1) or (2) of section 120, making the assessee liable to pay a fixed sum for each day the failure continues and thereby reinforcing the continuing obligation to file within the statutory timeframe.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
