Time of payment of corporation income taxes

# A.

In general. The tax payable as shown on the face of the return shall be paid on or before the due date of the return. Where an extension of time for filing the return has been obtained pursuant to § 58.1-453 of the Code of Virginia, the balance of the actual tax due shall be paid on or before the due date as extended.

# B.

Penalty. If the tax, or unpaid balance of the tax, is not paid in full when due then a penalty of five percent of the unpaid tax shall be imposed. No penalty will be imposed on the late payment of a tax, or portion of the tax, if all three of the following conditions are satisfied:

# 1.

The unpaid tax is attributable to an assessment of additional tax by the department, and

# 2.

The return was filed by the taxpayer in good faith, and

# 3.

The understatement of tax in the return was not due to any fault of the taxpayer.

# C.

Interest. If the penalty is imposed, interest under § 58.1-1812 of the Code of Virginia shall accrue on the unpaid tax and penalty from one month after the original due date of the return (without regard to any extensions) until paid.

If no penalty is imposed, interest under § 58.1-1812 of the Code of Virginia shall accrue on the unpaid tax from the original due date of the return (without regard to any extension) until paid.