Interest on late payment
This query is : Resolved
22 April 2010
I am working in a pvt ltd co. our profit is showing Rs.800000/- for the financial year 2009-10. We have not paid a advance income tax. now we are planning to pay the tax what is the interest rate. and give me method of calculation of interest.
Thanks
Panduranga
Thanks
Panduranga
22 April 2010
INTEREST RATE IS 1% PER MONTH AND ONE TIME REFER SECTION 234B AND SECTION 234C OF INCOME TAX ACT
22 April 2010
RATE OF INTEREST U/S 234B IS 1% PM AND ALSO CALCULATE INTEREST U/S 234C ALSO, FOR DETAIL CALCULATION REFER SAID SEC
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