Interest u/s 220(2)

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Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2014 Dear Sir,
When the Interest U/s 220(2)will Attract?

Rupesh Jain

Rupesh Jain (Expert)
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19 June 2014 if you received demand notice from income tax deptt. and after 30 days service of demand notice you not pay the tax then 1% intt for every month or part of month tax will be liable.

Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2014 Thanks Sir,

But Confused With

Additional Late Payment Interest against the Processing of Latest Correction

How Both Will Differ ?

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Rupesh Jain

Rupesh Jain (Expert)
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19 June 2014 as per income tax act if the refund amount will issue to assesse and after that come to know that the amount will give excess from the due amount then income tax deptt charge the intt on excess refund also.