Which of the following statements regarding the assessment of penalties is corre

Question

Which of the following statements regarding the assessment of penalties is correct? (1) section 6651 provides for penalties for both late filing and late payment. (2) penalties apply to the willful attempt to EV payment of estate and GST tax. (3) A late filing penalty will not be imposed if the taxpayer can show that the failure to file a timely return is due to reasonable cost. (4) all of the above statements are correct. Which of the following statements regarding the assessment of penalties is correct? (1) section 6651 provides for penalties for both late filing and late payment. (2) penalties apply to the willful attempt to EV payment of estate and GST tax. (3) A late filing penalty will not be imposed if the taxpayer can show that the failure to file a timely return is due to reasonable cost. (4) all of the above statements are correct. (1) section 6651 provides for penalties for both late filing and late payment. (2) penalties apply to the willful attempt to EV payment of estate and GST tax. (3) A late filing penalty will not be imposed if the taxpayer can show that the failure to file a timely return is due to reasonable cost. (4) all of the above statements are correct.

Explanation / Answer

Answer: 4. All of the above statements are correct.

The penalities for late filing and late payment are provided under section 6651. Evasion of payment of estate taxes and GST shall attract penalities. If the tax payer has reasonable reasons for the delay of payment of tax liabilities, such delay shall be condoned by the department.

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