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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Landmark Gift-Tax Amendment Imposes Strict 2% Monthly Penalty for Tax Defaults, Capped at 50% of Assessed Tax</h1> The amendment modifies section 17 of the Gift-tax Act, introducing a penalty provision for tax defaults. It establishes a two percent monthly penalty on assessed tax for each month of default, with a maximum aggregate penalty of fifty percent of the assessed tax. The amendment applies retrospectively from April 1, 1963, and defines 'assessed tax' as the chargeable gift-tax reduced by any applicable credits under section 18.
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