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TMI BlogDetermination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason pertaining to Financial Year 2024-25 onward [ Section 74A ]X X X X Extracts X X X X X X X X Extracts X X X X ..... wrongly availed or utilised, he shall serve notice on the person chargeable with tax which has not been so paid or which has been so short paid or to whom the refund has erroneously been made, or who has wrongly availed or utilised input tax credit. Contain of Show cause Why he should not pay the amount specified in the notice along with interest payable thereon under section 50 and A penalty leviable under the provisions of this Act or the rules made thereunder. No notice shall be issued , if the tax which has not been paid or short paid or erroneously refunded or where input tax credit has been wrongly availed or utilised in a financial year is less than ₹ 1,000/-. Time limit for issuing show cause notice u/s 74A(1) The proper offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... misstatement or suppression of facts to evade tax shall be equivalent to the tax due from such person. Determination of Tax, Interest, and Penalty by Proper Officer [ Section 74A(6) ] The proper officer shall, after considering the representation, if any, made by the person chargeable with tax, determine the amount of tax, interest and penalty due from such person and issue an order. Time limit for issuing Order [ Section 74A(7) ] The proper officer shall issue the order under section 74A(6) within twelve months from the date of issuance of notice specified in section 74A(2). Authority and Procedure for Extending the Order Issuance Period - Where the proper officer is not able to issue the order within the specified period, the Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y shall be payable and all proceedings in respect of the said notice shall be deemed to be concluded. Procedures of Tax Payment and Penalty in case of Fraud or wilful-misstatement or suppression [ Section 74A(9) ] The person chargeable with tax, where any tax has not been paid or short paid or erroneously refunded or where input tax credit has been wrongly availed or utilised by reason of fraud, or any wilful-misstatement or suppression of facts to evade tax, may, (i) Payment made before service of notice u/s 74A(1) , pay the amount of tax along with interest payable under section 50 and a penalty equivalent to fifteen per cent. of such tax on the basis of his own ascertainment of such tax or the tax as ascertained by the proper officer and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any amount of self-assessed tax or any amount collected as tax has not been paid within a period of thirty days from the due date of payment of such tax. Applicability of the this Section [ Section 74A(12) ] The provisions of this section shall be applicable for determination of tax pertaining to the Financial Year 2024-25 onwards. For the purposes of this section, (i) the expression all proceedings in respect of the said notice shall not include proceedings under section 132; (ii) where the notice under the same proceedings is issued to the main person liable to pay tax and some other persons, and such proceedings against the main person have been concluded under this section, the proceedings against all the persons liable to pay penalty u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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