Interest on Income Tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2010 Sir,

I filed my return in July 2009. My case has been selected under CASS. Pls advise if any payment of tax is missed out due to incorrect calculation or understanding of concept etc. At what rate the interest will be charged to me. Also advise what should I do since my scrutiny will be done in Feb 11 and I do not know what tax amt will come. The delay will add interest burden on me.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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20 September 2010 Agree...interest under section 234 will be added to the final total.

If some sure shot error is apparent to you the you should re-calculate your tax liability & pay the differential tax along with the interest applicable till date.

You can produce this challan to your AO now or even at the time of scrutiny assessment hearing.

This will save you from vital interest payment on this part of left out income tax.

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