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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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