Tax collected but not paid: immediate obligation to remit collected tax, subject to show-cause, interest and recovery procedures. Persons who have collected tax but not remitted it must immediately pay the collected amount to the Government; the proper officer may issue a show-cause notice proposing payment and penalty, determine the amount after representation, and require payment. Interest accrues from collection to payment. A requested hearing must be granted, the officer must issue a reasoned order within one year (excluding stays), payments are adjustable against tax payable, and any surplus is credited to the Fund or refunded with refunds processed under section 54.
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.
Tax collected but not paid: immediate obligation to remit collected tax, subject to show-cause, interest and recovery procedures.
Persons who have collected tax but not remitted it must immediately pay the collected amount to the Government; the proper officer may issue a show-cause notice proposing payment and penalty, determine the amount after representation, and require payment. Interest accrues from collection to payment. A requested hearing must be granted, the officer must issue a reasoned order within one year (excluding stays), payments are adjustable against tax payable, and any surplus is credited to the Fund or refunded with refunds processed under section 54.
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