17 September 2010
Our company fail to pay advance tax of Rs.70,00,000, within the time of 15th September,10. My question is, if we pay the money today(17th Sept, 10), what wil be the interest for non or short payment of avdance tax. (Is it will calculated for 1 month or for 3 months?)
17 September 2010
The payment made in 17th September 2010 will be considered against the advance tax due on 15th December 2010. Therefore, the company has to pay three months interest for deferment of advance tax which was due on 15th September,2010 by virtue of section 234C of the Income tax Act,1961.
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