Taxation

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Penalty in case of Late Payment of Tax

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Section 205. Additional tax of Income Tax Ordinance,2001 states that
(1) A person who fails to pay –
(a) any tax, excluding the advance tax under section 147 and additional tax under this section;
Clause (a) substituted by Finance Act, 2003 which previously read as follows :
(a) any tax, including any advance payment of tax under section 147;
(b) any penalty; or
(c) any amount referred to in section 140 or 141,
on or before the due date for payment shall be liable for additional tax at a rate equal to twelve per cent per annum on the tax, penalty or other amount unpaid computed for the period commencing on the date on which the tax, penalty or other amount was due and ending on the date on which it was paid.
Therefore, late payment by employer for tax deducted at source U/S. 149 would be treated under above mentioned provision of Income Tax Ordinance, 2001

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posted @ 5:33 PM,

2 Comments:

At February 17, 2009 at 1:28 PM, Anonymous shahzad said...

Please define due date of payments

 
At August 16, 2013 at 3:04 PM, Anonymous Depreciation report said...

These rules are very strict and suppose if i pay tax very late and i want to beware of above mentioned rules then what should i do!!!!!?

 

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