Advance tax estimate falsity: penalties extended where a taxpayer furnishes an untrue advance tax estimate under amended provisions. Amendment expands the filing reference to multiple sub sections of the advance tax provision and adds a trigger for penalty where a taxpayer furnishes an advance tax estimate under the newly inserted sub section that the taxpayer knew or had reason to believe was untrue. The penalty is quantified by reference to the shortfall between tax actually paid in the financial year immediately preceding the assessment year and a defined assessed tax benchmark, and an Explanation treats payments made on a Commissioner granted extended date as if paid in that preceding year.
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.
Advance tax estimate falsity: penalties extended where a taxpayer furnishes an untrue advance tax estimate under amended provisions.
Amendment expands the filing reference to multiple sub sections of the advance tax provision and adds a trigger for penalty where a taxpayer furnishes an advance tax estimate under the newly inserted sub section that the taxpayer knew or had reason to believe was untrue. The penalty is quantified by reference to the shortfall between tax actually paid in the financial year immediately preceding the assessment year and a defined assessed tax benchmark, and an Explanation treats payments made on a Commissioner granted extended date as if paid in that preceding year.
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