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    Question

    What is the percentage of Penalty on tax and interest

    due is to be paid by a taxpayer if the return is filed in the year after an assessment year?
    A 15% Correct Answer Incorrect Answer
    B 25% Correct Answer Incorrect Answer
    C 20% Correct Answer Incorrect Answer
    D 50% Correct Answer Incorrect Answer
    E 10% Correct Answer Incorrect Answer

    Solution

    25% Penalty on tax and interest due is to be paid by a taxpayer if the return is filed in the year after an assessment year. Penalty of 50% is to be paid if paid in the Second Year   Note: Taxpayers will be permitted to file an updated return of income within two years of the assessment year  

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