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So under section 221 of income tax act of 1961 prescribes that if the taxpayer has not paid the tax within the prescribed time limit then he shall be liable for a penalty of up to 1% of the month or the part of the month of the outstanding amount. So this is clearly specified under section 221 of income tax act of 1961.

So under section 221 of income tax act of 1961 prescribes that if the taxpayer has not paid the tax within the prescribed time limit then he shall be liable fo…

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Section 221 of Income Tax Act 1961
Tax Payment Deadline
Penalty for Late Payment
Not Paid Within Prescribed Time
Liability for Penalty
Up to 1% Penalty
Per Month or Part Thereof

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So under section 221 of income tax act of 1961 prescribes that if the taxpayer has not paid the tax within the prescribed time limit then he shall be liable for a penalty of up to 1% of the month or the part of the month of the outstanding amount. So this is clearly specified under section 221 of income tax act of 1961.

Emily Harrison

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"income tax act of 1961"

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