Interest on tax liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 July 2018
Dear Sir/Madam,
On what amount 18% interest on Tax Liability to be paid for delayed return i.e., on the entire Output Tax liability or on the balance amount paid by Cash/bank after setting off with ITC.
Thanks in Advance.
On what amount 18% interest on Tax Liability to be paid for delayed return i.e., on the entire Output Tax liability or on the balance amount paid by Cash/bank after setting off with ITC.
Thanks in Advance.
Expert : Anonymous
Expert :
Anonymous
(Expert)
16 July 2018
Internet is applicable only on the balance amount remaining after set off of ITC
31 July 2018
Interest will be calculated on the balance amount after adjustment of cash balance and ITC available.
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