Interest for defaults in furnishing gift returns imposes monthly simple interest on delayed or omitted returns, adjusted for prior interest. Section 16B requires payment of simple monthly interest where gift returns are filed late or not filed, measured from the start of the assessment year until filing or completion of regular assessment on tax payable on taxable gifts (excluding additional gift-tax under section 18B). Interest for late filing in response to notices after earlier assessments is chargeable from the day after the expiry of the time allowed and applies only to the increase in tax determined on reassessment; interest paid under section 14B reduces the liability, and adjustments follow any subsequent orders increasing or reducing tax.
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Interest for defaults in furnishing gift returns imposes monthly simple interest on delayed or omitted returns, adjusted for prior interest.
Section 16B requires payment of simple monthly interest where gift returns are filed late or not filed, measured from the start of the assessment year until filing or completion of regular assessment on tax payable on taxable gifts (excluding additional gift-tax under section 18B). Interest for late filing in response to notices after earlier assessments is chargeable from the day after the expiry of the time allowed and applies only to the increase in tax determined on reassessment; interest paid under section 14B reduces the liability, and adjustments follow any subsequent orders increasing or reducing tax.
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