10 April 2010
Dear Sir, We have made a profit of Rs.16,00,000/- for the financial year 2009-10. but we have not paid a advance tax. now we are paying advance tax on april, what is the interest rate. if we pay in april is it treated as advance tax and how much I have to pay.
10 April 2010
u/s 234 B 1% of every month or part of the month from 1 April till date of determination of income u/s 143(1) u/s 234 C (For this corporate and non-corporate assesse is differ. So i assume you are talking about corporate assessee and as per you say I assume you paid NIL advance tax) intt rate is 1% for I quarter 15% of 16 lac x 1% x 3 for II quarter 45% of 16 lac x 1% x 3 for III quarter 75% of 16 lac x 1% x 3 for IV quarter 16 lac x 1% x 1
CAclubindia
