58.1-351 - When, where and how individual income taxes payable and collectible.
§ 58.1-351. When, where and how individual income taxes payable andcollectible.
Each individual and fiduciary liable for income tax shall pay the same to thetreasurer of the county or city with whose commissioner of the revenue thetaxpayer files his return at the time fixed by law for filing the return. Thefull amount of the tax payable as shown on the face of the return shall be sopaid. A taxpayer may file his return and pay his tax in full in the closingdays of his taxable year provided he is able to prepare a complete return.
If any payment is not made in full when due, there shall be added to theentire tax or to any unpaid balance of the tax, a penalty of six percent ofthe amount thereof, if the failure is for not more than one month, with anadditional six percent for each additional month or fraction thereof duringwhich such failure to pay continues, not exceeding thirty percent in theaggregate. The entire tax or any unpaid balance of the tax, together withsuch penalty, will immediately become collectible. Interest upon such tax orany unpaid balance of the tax, and on the accrued penalty, shall be added ata rate determined in accordance with § 58.1-15, from the date the tax or anyunpaid balance of the tax, was originally due until paid. In the case of anadditional tax assessed by the commissioner of the revenue under theprovisions of § 58.1-307, if the return was made in good faith and theunderstatement of the amount in the return was not due to any fault of thetaxpayer, there shall be no penalty on the additional tax because of suchunderstatement, but interest shall be added to the amount of the deficiencyat a rate determined in accordance with § 58.1-15, from the time the saidreturn was required by law to be filed until paid.
The penalty under this section shall not be applicable to any month orfraction thereof for which the individual is subject to the penalty imposedunder § 58.1-347. In no event shall the total amount of penalty assessedunder this section and under § 58.1-347 exceed thirty percent in theaggregate.
(Code 1950, § 58-151.077; 1971, Ex. Sess., c. 171; 1977, c. 396; 1984, c.675; 1989, cc. 629, 642; 1991, cc. 316, 331.)