182(2)Notice to impose penalty u/s182for failure file return u/s114 2019.
Received notice 182(2) Notice to impose penalty u/s 182 for failure to furnish return u/s 114 of 2019? File tax retrun within due date. what is Section 182(2) of the Finance Act, 2019? Section 182(2) of the Finance Act, 2019 deals with the imposition of penalties for failure to furnish returns under the provisions of the Finance Act, 2019. Specifically, it concerns the penalty for taxpayers who fail to submit the required return or document within the prescribed time limit under the relevant sections of the Finance Act.Key points regarding Section 182(2):
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Failure to Furnish Return: If a taxpayer does not file the required return as mandated by the relevant provisions of the Finance Act, such as under Section 114 or any other applicable section, the tax authority can issue a penalty notice.
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Penalty Imposition: Section 182(2) specifies that if a taxpayer fails to comply with the return filing requirement, a penalty may be imposed on the taxpayer. This penalty is generally a monetary fine.
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Penalty Details: The penalty could be a fixed amount or could vary depending on the circumstances, including the severity of the non-compliance, whether the failure was intentional, or if there were any mitigating factors like technical issues or reasonable cause for the delay.
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Notice for Penalty: The tax authority issues a notice to the taxpayer under Section 182(2), informing them of the failure to file the return and the penalty that may be imposed as a result. This notice will generally provide the taxpayer with an opportunity to explain the delay or provide any mitigating factors.
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Rectification: If the taxpayer can provide a valid explanation for the delay or non-compliance (such as technical problems or force majeure events), the tax authority may either waive or reduce the penalty, depending on the justification provided.
