13 July 2009
I changed job in september 2009 and there was no tax deduction at source as income for that period was less than 1,50,000. All my income is from salary. I also did not give those details to my current employer. The first deduction of Tax at source was in october.
To make up for my tax liabilities i paid advance tax by cheque on 28.03.2009. Will there be penal interest charged to me. Also do the dates of 15th sept, 15th dec and 15th march apply to me. As I have not met any of these deadlines
13 July 2009
Sec. 234 C will be applicable in your case. If your tax liability is below Rs. 5000 then 234C won't apply. If your tax liability exceeds Rs. 5,000 then interest needs to be paid U/s. 234C
Can you please tell me how the rate of interest can be calculated. My Tax liability for the year is around 17,000. There was no deduction till october. and tax deduction by november was 3k
CAclubindia
