29 May 2010
I have a total tax liability of Rs.38823 for FY 2009-10 out of which Rs.1569 is yet to be paid. This arising due to fixed-deposit-interest-income. (The bank already deducted 10% at source, I have to pay the remaining.) My question is do I have to pay 1% interest per month on this liability?
Here are the details,
Total income tax .... 38823 TDS by employer .... 35772 TDS by bank .... 1482 Tax payable .... 1569 Interest on tax payable .... ????
30 May 2010
Agreed. No interest to be paid. Advance tax liability arises if the amount of tax payable after TDS exceeds Rs 5000. In your case, its less than Rs.5000 (Rs.1569 only), so no interest.
CAclubindia
