Taxpayers Face 2% Monthly Interest Penalty for Late or Unfiled Net Wealth Returns Under New Section 17B
The text introduces a new section 17B to the Wealth-tax Act, establishing interest penalties for defaults in filing net wealth returns. Taxpayers will be liable to pay 2% monthly interest on tax payable when returns are filed late or not filed at all. The provision applies to assessment years from April 1, 1989, with specific calculations for interest based on regular and reassessments. The section provides detailed explanations for determining interest calculations, reduction mechanisms, and procedural requirements for handling variations in tax assessments.
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