Income tax interest to be charged

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Yash Dave (Querist)
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27 July 2012 WHAT IS THE INTEREST RATE TO BE CHARGED IF TAX PAYABLE IS MORE THAN 10,000/- ADVANCE TAX IS NOT PAID AND RETURN FILING IS AFTER DUE DATE WHAT IS THE INTEREST RATE TO BE CHARGED U/S 234ABC

CA Rahul Gupta

CA Rahul Gupta (Expert)
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27 July 2012 (In case of non corporate assessee)
You will have to pay Interest under Sec 234A in case of Late filing of I T R @1% per month or part of the month.
If advance Tax has not paid upto 31st March, Interest @ 1% per month or part of the month will have to pay.
If you does not pay Tax as deferment i.e,
30% of the assessed Tax upto 15th September
60% of the assessed Tax upto 15th December
100% of the assessed Tax upto 15th March
You will have to pay interest under sec 234C

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