Determination of tax: new assessment and penalty framework alters time limits, voluntary payment options and waiver for specified periods. The Act inserts section 11A permitting the Government to exempt recovery of State tax where a generally prevalent practice caused non levy or short levy; inserts section 74A setting a forty two month time limit for notices, a twelve month period for issuing orders (extendable by six months), specified penalties for fraud and non fraud, and tiered settlement options on pre notice or post notice payment; and inserts section 128A creating a conditional waiver of interest and penalty for specified earlier tax periods upon payment by a notified date.
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Determination of tax: new assessment and penalty framework alters time limits, voluntary payment options and waiver for specified periods.
The Act inserts section 11A permitting the Government to exempt recovery of State tax where a generally prevalent practice caused non levy or short levy; inserts section 74A setting a forty two month time limit for notices, a twelve month period for issuing orders (extendable by six months), specified penalties for fraud and non fraud, and tiered settlement options on pre notice or post notice payment; and inserts section 128A creating a conditional waiver of interest and penalty for specified earlier tax periods upon payment by a notified date.
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