Self-assessment: assessee must prepay wealth-tax and interest before filing returns, nonpayment results in default consequences. Section 15B requires an assessee to pay tax and any interest payable for delay before filing the return and to attach proof of payment; payments are applied first to interest and then to tax. Payments made under this self-assessment are deemed to be paid towards any subsequent regular assessment. Failure to pay the tax or interest renders the assessee deemed to be in default and subject to all consequences under the Act. A transitional provision preserves the earlier form of the section for certain earlier assessment years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Self-assessment: assessee must prepay wealth-tax and interest before filing returns, nonpayment results in default consequences.
Section 15B requires an assessee to pay tax and any interest payable for delay before filing the return and to attach proof of payment; payments are applied first to interest and then to tax. Payments made under this self-assessment are deemed to be paid towards any subsequent regular assessment. Failure to pay the tax or interest renders the assessee deemed to be in default and subject to all consequences under the Act. A transitional provision preserves the earlier form of the section for certain earlier assessment years.
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