Section 74 - Determination of tax, pertaining to the period up to Financial Year 2023-24, not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful-misstatement or suppression of facts.

Section 73: Show-cause notices for tax shortfall from fraud or errors and optional prepayment penalties to end proceedings

Where the proper officer believes tax has been unpaid, short paid, erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud, wilful misstatement or suppression of facts, a show-cause notice requiring payment of tax, interest and penalty equal to tax may be issued. Notices must be issued at least six months before the five-year limitation for an order; related statements can be treated as notices under section 73 if grounds (other than fraud) match. A taxpayer may prepay with 15% penalty, or pay within 30 days of notice with 25% penalty, or within 30 days of order with 50% penalty, to terminate proceedings; the officer shall determine amounts after representation. Provisions apply up to FY 2023-24.