26 July 2011
I have to pay tax of Rs. 30,000/- during the P.Y. 2010-11 but i had paid only Rs. 16,000/- and now i have to pay remaining tax of Rs. 14,000/- . then what is the penalty for non payment of tax in time . what is the interest rate & under which section of I.T. Act
26 July 2011
During the year you have paid Rs 16000/-. It seems that you have paid Rs 16000/ as advance tax. Right now if you pay 14000/- and interest U/s 234B and 234C, you are not liable to pay any further penalty.
Interest U/s 234B can be worked out @1% per month for 4 months from April 11. It will be Rs 560/-. For Interest U/s 234C details of exact amount paid and dates of amount paid, required.
26 July 2011
Though penalty for such default could be levied u/s 220 due to non payment of full advance tax but since tax will be paid in full before filing of return of income no penalty is levied by A. O.
YOu would be liable only for interest u/s 234B & 234C.
You can compute the interest using interest calculator from files section.
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