50% – False or Fraudulent Return is Willfully Filed.
– Willful neglect to file the return on time.
25% – Failure to file any return and pay the tax due thereon.
– If the return is not filed with the proper internal revenue officer.
– Failure to pay on time the deficiency tax shown in the notice of assesment.
Note: The failure to file any return and pay the tax thereon are not treated as one act or violation for purposes of the imposition of penalties.
**Interest for failure to pay tax per return on time.
Rate 20% per annum or such higher rate as may be prescribed by rules and regulations, computed from the date prescribed for payment until the amount is fully paid.