Interest for late net wealth return accrues monthly on the tax payable until filing or assessment completion. Where a net wealth return is late or not furnished, the assessee is liable to pay simple interest for each month or part-month from the day after the due date until filing or, where no return is filed, until completion of assessment, on the tax payable on net wealth as determined on regular assessment or under specified assessment provisions. Similar interest applies where a return required by notice is late, calculated on the excess tax determined by reassessment over the earlier assessment. Interest is adjusted if subsequent orders alter the tax base, with increased interest attracting a notice of demand and reduced interest leading to refund.
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.
Interest for late net wealth return accrues monthly on the tax payable until filing or assessment completion.
Where a net wealth return is late or not furnished, the assessee is liable to pay simple interest for each month or part-month from the day after the due date until filing or, where no return is filed, until completion of assessment, on the tax payable on net wealth as determined on regular assessment or under specified assessment provisions. Similar interest applies where a return required by notice is late, calculated on the excess tax determined by reassessment over the earlier assessment. Interest is adjusted if subsequent orders alter the tax base, with increased interest attracting a notice of demand and reduced interest leading to refund.
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