Penalty for tax default now calculated monthly on assessed tax, subject to an aggregate cap; assessed tax net of withholdings. The amendment prescribes a monthly penalty equal to two percent of the assessed tax for each month of default, subject to an aggregate cap of fifty percent of the assessed tax, and defines assessed tax as tax reduced by sums deducted at source and sums paid in advance under the relevant chapters.
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Provisions expressly mentioned in the judgment/order text.
Penalty for tax default now calculated monthly on assessed tax, subject to an aggregate cap; assessed tax net of withholdings.
The amendment prescribes a monthly penalty equal to two percent of the assessed tax for each month of default, subject to an aggregate cap of fifty percent of the assessed tax, and defines assessed tax as tax reduced by sums deducted at source and sums paid in advance under the relevant chapters.
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