Penalty for failure to quote TDCAN/TAN: discretionary fixed sanctions apply for non compliance and knowingly false quoting. Clause 468 empowers the Assessing Officer to impose a fixed monetary penalty for failure to comply with Section 397 and for quoting a false Tax Deduction ... Summary
Penalty for failure to quote TDCAN/TAN: discretionary fixed sanctions apply for non compliance and knowingly false quoting.
Clause 468 empowers the Assessing Officer to impose a fixed monetary penalty for failure to comply with Section 397 and for quoting a false Tax Deduction and Collection Account Number in prescribed documents where the person knows or believes it to be false, making the penalty discretionary and imposing a mens rea requirement for false quoting while not expressly providing for a statutory opportunity of being heard.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
