Rate of % interest

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Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2011 dear sir please give me information late payment of income tax what is the percentage rate

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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06 September 2011 U/s 234C - Deferrement of Tax
U/s 234B - After 15/03

all @1%

For Detail Read Section Mentioned Above

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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06 September 2011 It is 1%.
OM SAI SRI SAI JAI JAI SAI

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CA Deepak S

CA Deepak S (Expert)
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06 September 2011 it is 1% for section 220(2) also

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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06 September 2011 Percentag is 1% but you should know under which provision you are liable to pay late payment interes:-
You are liable to pay interest on tax exceeding Rs. 5,000/-
234A - From the due date till return is filed on the tax payable as per return.
2) 234B - Non payment 100% advance tax up to 90%
234C - Non payment of advance tax. This is charged on Quaternary basis.
220(2) - On completion of assessment if there is any tax liability and you have not paid the same within 30 days then this interest can be charged from you.