https://www.taxtmi.com/manuals?id=8035 Penalty for default in payment of tax may be imposed in addition to tax arrears and applicable interest, including further amounts for a continuing default. The aggregate penalty cannot exceed the tax arrears. Before levy, the assessee must receive a reasonable opportunity of being heard, and penalty is barred where good and sufficient reasons for the default are established. Payment of tax before levy does not remove penalty exposure. If a final order wholly reduces the underlying tax amount, the penalty must be cancelled and any amount paid refunded. en-us Wed, 26 Aug 2026 12:40:00 +0530 Tue, 01 Sep 2026 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=8035 Penalty for default in payment of tax may be imposed in addition to tax arrears and applicable interest, including further amounts for a continuing default. The aggregate penalty cannot exceed the tax arrears. Before levy, the assessee must receive a reasonable opportunity of being heard, and penalty is barred where good and sufficient reasons for the default are established. Payment of tax before levy does not remove penalty exposure. If a final order wholly reduces the underlying tax amount, the penalty must be cancelled and any amount paid refunded. Manuals Income Tax Wed, 26 Aug 2026 12:40:00 +0530 https://www.taxtmi.com/manuals?id=8035