forgot to pay advance tax

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ankit (Querist)
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21 April 2011 what will happen if a person forgots to pay advance tax or any of its installment or is unable to do so for any reason like out of india during that period etc.

plz reply soon...

Ratan Sharma

Ratan Sharma (Expert)
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21 April 2011 He will have to pay interest u/s. 234C .

ankit

ankit (Querist)
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22 April 2011 and upto when can he pay the tax if tax payble calculated is more than advance tax paid....

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ankit

ankit (Querist)
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22 April 2011 and upto when can he pay the tax if tax payble calculated is more than advance tax paid...

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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22 April 2011 He will have to pay balance tax with interest before filing income tax return.

ankit

ankit (Querist)
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22 April 2011 thnk u sir..bt if the remaining tax is paid before or on 31st march..then also is it required to charge interest as per sec 234.

ankit

ankit (Querist)
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22 April 2011 one more query sir.if a person receives income on 31st march itself and is not able to pay tax on it till 31st march.will he be liable to pay interest for whole of the next month on that income.