Section 122: Penalty for late payment of tax

122. Penalty for late payment of tax (1) Subject to subsection (1A), where a taxpayer fails to pay any income tax due on or before the last day on which it is payable under section 112, 116, 119, 129, 129A or 131, he shall be liable to pay to the DirectorGeneral, in addition to the tax and any penalty under sections 109, 110, 111 and 121, a penalty of 5 per cent of the amount of the tax. (1A) Where the taxpayer is a small enterprise which has an annual turnover not exceeding 10 million rupees or an individual who is not in business, the penalty payable under subsection (1) shall be 2 per cent. (2) A penalty under subsection (1) shall apply to the tax excluding any penalty under sections 109, 110, 111 and 121 and any interest under section 122D. [S. 122 amended by s. 9 (v) of Act 9 of 1997 w.e.f. 1 July 1997; repealed and replaced by s. 18 (zs) of Act 15 of 2006 w.e.f. 1 July 2007 in respect of the year of assessment commencing on 1 July 2007 and in respect of every subsequent year of assessment; s. 21 (r) of Act 14 of 2009 w.e.f. 30 July 2009, amended by s. 12 (r) of Act 26 of 2012 w.e.f 1 January 2013; s. 24 (z) of Act 9 of 2015 w.e.f. 14 May 2015; s. 27 (r) of Act 18 of 2016 w.e.f. 7 September 2016.]