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of <h1>Interest Penalties for Late Gift Tax Returns: Section 16B Imposes 2% Monthly Interest on Delayed Filings</h1> The amendment inserts section 16B into the Gift-tax Act, establishing interest penalties for late or non-filing of gift tax returns. Taxpayers who file after June 30th or fail to file must pay 2% simple interest per month on tax payable, calculated from July 1st until filing or assessment completion. The provision includes mechanisms for interest reduction, reassessment scenarios, and adjustment following tax modification orders. Interest charges apply to increased tax amounts, with excess interest refundable when tax is reduced. These provisions apply to assessment years starting April 1, 1989 and thereafter.
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