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Penalty for Outstanding Taxes

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 June 2010 Dear Sirs,

For Individuals:

1) The 1% monthly penalty for outstanding taxes payable is calculated as per simple interest or compound interest basis?

2) The number of months is calculated from the end of July or March?

Please let me know.

Balaiah
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Porwal Consultancy

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Porwal Consultancy (Expert)
21 June 2010 1) Simple interest

2) From the end of July
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
21 June 2010
1. Interest is simple interest

2.Not clear you need to tell for which tax, TDS,Self assessment tax, Advance tax
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