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of <h1>Finance Act, 1994: New Inland Air Travel Tax; Sections 43A & 46 Detail Interest, Penalties, and Recovery Methods for Noncompliance.</h1> The Finance Act, 1994, amends the Finance Act, 1989, to introduce provisions for the inland air travel tax. Section 43A mandates that carriers failing to pay this tax must pay interest between 20% and 30% per annum on delayed payments. Section 46 imposes penalties ranging from one-fifth to three times the unpaid tax amount, with additional penalties for rule breaches. Section 46A outlines recovery methods for unpaid taxes, interest, or penalties, including deductions from amounts due to carriers, recovery as land revenue, and distraint or sale of aircraft or property. Carriers are given a hearing opportunity before penalties are imposed.
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