Provisional assessment permits provisional tax payment pending final valuation, subject to bond, security and interest obligations. Provisional assessment allows a taxable person unable to determine value or rate to request provisional tax payment; the proper officer may permit payment on a provisional rate or value and require a prescribed bond with surety or security to secure payment of any difference. The proper officer must complete final assessment within a statutory period subject to specified extensions, and the registered person owes interest on tax from the day after the ordinary due date until actual payment; refunds from final assessment attract interest under the refund provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Provisional assessment permits provisional tax payment pending final valuation, subject to bond, security and interest obligations.
Provisional assessment allows a taxable person unable to determine value or rate to request provisional tax payment; the proper officer may permit payment on a provisional rate or value and require a prescribed bond with surety or security to secure payment of any difference. The proper officer must complete final assessment within a statutory period subject to specified extensions, and the registered person owes interest on tax from the day after the ordinary due date until actual payment; refunds from final assessment attract interest under the refund provisions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
