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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Tax Law: Self-Assessment Payment Rules Under Section 140A Amended; Penalties for Late Payment Introduced</h1> The amendment to the Income-tax Act, 1961, through the Taxation Laws (Amendment) Act, 1970, replaces Section 140A with new provisions concerning self-assessment. It mandates that if the tax payable, after accounting for any pre-paid tax, exceeds five hundred rupees, the taxpayer must pay the amount within thirty days of filing the return. Any payment made will count towards regular assessment under Sections 143 or 144. Failure to pay within the stipulated time may result in a penalty, not exceeding fifty percent of the unpaid tax, with the taxpayer being given an opportunity to be heard before any penalty is imposed.
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