for example: TATA AIG

  for example: Indian Contract Act

  for example: Ratan Tata

  for example: Negotiable Instruments Act

Section 5   [ View Judgements ]

Amendment of section 18


In section 18 of the Principal Act, in sub-section (4),



(i) in clause (a),-



(a) for sub-clause (iii), the following sub-clauses shall be substituted, namely:-



"(iii) fails to furnish return; or



(iv) has furnished return or returns and the tax paid along with the return or returns is less than the tax as per accounts.";



(b) in second sub-division, for item (3), the following items shall be substituted, namely:-



"(3) the tax payable for the period for which he has failed to furnish return; or



(4) the amount of tax by which tax so paid along with the return or returns falls short of the tax as per accounts.";



(ii) for clause (b), the following clause shall be substituted, namely:-



"(b) If a registered dealer having furnished a return under sub-section (1) or a revised return under sub-section (2) for any period and paid the tax payable according to such return or revised return after the time prescribed therefor or the tax paid along with the return or returns falls short of the tax as per accounts, fails to pay interest along with such return or revised return or payment of amount of tax by which tax so paid along with the return or returns falls short of the tax as per accounts, in accordance with the provisions of clause (a), the Commissioner shall levy the interest liable to be paid by the dealer and after giving the dealer a reasonable opportunity of being heard, may direct him to pay in addition to the tax payable or paid and the interest payable by him, by way of penalty, a sum equal to such rate as may be prescribed which shall not exceed 1.5 per cent per month of the amount of interest, from the date such interest had become due to the date of its payment or to the date of order of assessment, whichever is earlier.";

#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon