Failure to make payment; underpayments
Sec. 1. (a) The penalty prescribed by IC 6-8.1-10-2.1(b) shall be
assessed by the department on a taxpayer who fails to make
payments as required in IC 6-5.5-6. However, no penalty shall be
assessed for a quarterly payment if the payment equals or exceeds:
(1) twenty percent (20%) of the final tax liability for the taxable
year; or
(2) twenty-five percent (25%) of the final tax liability for the
taxpayer's previous taxable year.
(b) The penalty for an underpayment of tax on a quarterly return
shall only be assessed on the difference between the actual amount
paid by the taxpayer on the quarterly return and the lesser of:
(1) twenty percent (20%) of the taxpayer's final tax liability for
the taxable year; or
(2) twenty-five percent (25%) of the taxpayer's final tax liability
for the taxpayer's previous taxable year.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.1-1991,
SEC.55.
Last modified: May 28, 2006