Amendment status not verified — confirm the current text below against the official source.
Commissioner assessment of tax payable (1) lf any person - (a) has not furnished returns required under this Act by the prescribed date; (b) has furnished incomplete or incorrect returns; or (c) has furnished a return which does not comply with the requirements of this Act; Or for any other reason the Commissioner is not satisfied with the return furnished by a person, the Commissioner may assess or re-assess to the best of his judgment - (a) the amount of net tax due for a tax period; and (b) the amount of tax due for the import of goods. (2) Where the Commissioner has made an assessment under this section, the Commissioner shall forthwith serve on that person a notice of assessment of the amount of any additional tax due for that tax period nor n respect of the import of any goods. (3) Where the Commissioner has made an assessment under this section and further tax is assessed as owed, the amount of further tax assessed b due and payable on the same date as the date on which - (a) the net tax for the tax period was due; and (b) the amount of tax in respect of the import of the goods was due. Explanation. This section ensures that interest accrues on the unpaid amount from the time when the deficiency arose, rather than the date of making the assessment or re-assessment.