Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Pay Tax, Interest, & 15% Penalty to Avoid Notice for Fraud Under Section 74(6)</h1> A person chargeable with tax due to fraud, suppression of facts, or willful misstatement can obtain immunity from notice issuance by paying the tax amount along with interest and a penalty equal to 15% of the tax involved. This payment must be made before the issuance of any notice, and the amount can be determined either by the individual or by the proper officer. Upon such payment, no notice will be issued regarding the tax paid, as stipulated under section 74(6).
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