Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amended Section 140A: Pay Tax Before Filing Returns, Face 2% Monthly Penalty for Non-Payment, Opportunity to Be Heard</h1> Section 140A of the Income-tax Act, 1961, has been amended by the Taxation Laws (Amendment) Act, 1975. The revised sub-section (1) mandates that any tax due based on returns under sections 139 or 148 must be paid before filing the return, accompanied by proof of payment. Sub-section (3) introduces a penalty for non-payment, allowing the Income-tax Officer to impose a penalty of two percent per month on the unpaid tax. However, the assessee must be given an opportunity to be heard before any penalty is levied.
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