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(a) (1) If any person fails to pay the amount of tax reported to be due on such person's return (other than an amended return) within the time specified under the provisions of the Income Tax Act, there shall be imposed a penalty of 10% of such amount due and unpaid. The tax shall also bear interest at the statutory rate under subsection (a) of Section 12-735 of the General Statutes for each month or fraction thereof, from the time specified for payment of such tax until the date of payment.
(2) If a person files an amended return after the date fixed for filing the return, reporting thereon an amount to be due in excess of the amount reported to be due on such person's return, no penalty shall be imposed under this section, whether or not such excess is paid at the time of filing such amended return, but such excess shall bear interest at the statutory rate under subsection (a) of Section 12-735 of the General Statutes for each month or fraction thereof, from the time specified for payment of such tax until the date of payment.
(3) The time specified for payment is the date fixed for filing the return, determined without regard to any extension of time for filing such return.
(b) For purposes of Section 12-735(a) of the general statutes and subsection (a) of this section, "return" does not mean any installment(s) of estimated tax required under Part VIII, but means the final tax return required to be filed on the fifteenth day of the fourth month following the close of the taxable year with respect to which such installments of estimated tax were made, and such other returns as may be required under the Income Tax Act.
(c) For the definition of "month or fraction thereof," see § 12-701(b)-1 of Part XIV.
(d) For failure to file a return or report within the time specified by the Income Tax Act (including any extensions of time granted under Part X), where no penalty for late payment applies and no penalty under § 12-735(d)-1 of this Part applies, a penalty of $50 shall be imposed pursuant to Section 12-30 of the general statutes.
(e) While this section pertains to Section 12-735(a) of the general statutes, for purposes of supplementary interpretation, as the phrase is used in Section 12-2 of the general statutes, the adoption of this section is authorized by Section 12-740(a) of the general statutes.
(Effective November 18, 1994; Amended December 19, 2002)
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