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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clarification on Penalties for Tax Defaults Under Wealth Tax Act: Emphasis on Non-Automatic Imposition and Consideration of Circumstances.</h1> The circular addresses the imposition of penalties for non-payment of taxes under Section 15-B of the Wealth Tax Act, 1957, aligning it with the penalty provisions under Section 140A(3) of the Income Tax Act, 1961. It clarifies that penalties are not mandatory in all cases of default. Taxpayers must be given an opportunity to explain any delay in payment. The instructions emphasize that the penalty is not automatic and should consider the taxpayer's circumstances. Officers are instructed to follow the guidelines from a previous circular and ensure these instructions are communicated to all relevant personnel.
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