First charge on property for unpaid tax creates a priority lien over taxpayer assets, subject to insolvency code exceptions. Unpaid amounts due to the Government for tax, interest or penalty are designated as a first charge on the taxpayer's property, creating a priority lien ... Summary
First charge on property for unpaid tax creates a priority lien over taxpayer assets, subject to insolvency code exceptions.
Unpaid amounts due to the Government for tax, interest or penalty are designated as a first charge on the taxpayer's property, creating a priority lien over assets, notwithstanding other laws except as provided under the Insolvency and Bankruptcy Code.
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