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Advance Tax

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(Querist)
05 April 2011 Hello,
In income tax if a person tax liability is more than Rs.5000/-, He is liable to Advance Tax. My quary is if he does not pay advance tax, what is its liability? Plz also mention under which section?



lawyerpreetkaur@gmail.com
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CA Navin Jain

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CA Navin Jain (Expert)
05 April 2011 liable to pay interest u/s 234c
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Harpreet

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Harpreet (Querist)
05 April 2011 Its only interest amount???? Is any penalty also levied?
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CA Navin Jain

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CA Navin Jain (Expert)
05 April 2011 IN THIS CASE ASSESSEE CAN TREATED AS DEFAULT ASSESSEE ALSO
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Harpreet

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Harpreet (Querist)
05 April 2011 so by default assessee he has to pay any monetry amount except interest???

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