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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 23. Taxation |
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Agency 10. Department of Taxation |
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Chapter 112. Declaration of Estimated Income Tax by Individuals |
Section 40. Failure by individual to pay estimated tax; additions to the tax
Latest version.
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In the case of any underpayment of estimated tax by an individual, except as provided in 23VAC10-112-43, there shall be added to the individual income tax for the taxable year an amount determined at the rate established for interest, under § 58.1-15 of the Code of Virginia upon the amount of the underpayment (determined under 23VAC10-112-41), for the period of the underpayment (determined under 23VAC10-112-42). The amount of such addition to the tax shall be reported and paid at the time of filing the individual income tax return for the taxable year.
Historical Notes
Derived from VR630-2-492 § 1; adopted September 19, 1984, eff. January 1, 1985; amended, eff. February 1, 1989.