Provisional assessment allows tax payment on estimated value with bond, finalization within prescribed periods and interest consequences. Section 60 permits a taxable person unable to determine value or tax rate to request provisional assessment; the proper officer must rule within ninety days and may require a prescribed bond with surety to guarantee payment of any difference. Final assessment must be completed within six months, extendable for cause by higher officers, and interest is payable on unpaid provisional tax from the due date until actual payment; refunds arising from final assessment carry interest as provided in 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 allows tax payment on estimated value with bond, finalization within prescribed periods and interest consequences.
Section 60 permits a taxable person unable to determine value or tax rate to request provisional assessment; the proper officer must rule within ninety days and may require a prescribed bond with surety to guarantee payment of any difference. Final assessment must be completed within six months, extendable for cause by higher officers, and interest is payable on unpaid provisional tax from the due date until actual payment; refunds arising from final assessment carry interest as provided in refund provisions.
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