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Intt on Intt for delayed deposit of Income tax


20 May 2009 A company does not pay advance tax in time and at year end pays the whole amt in single payment and calculates the intt due for delayed deposit and makes appropriate provision for same. The tax due has been deposited but the intt amt has not been deposited yet. Now, will there be calculated Intt on Intt due to be deposited or there is no such requirement under IT rules?

20 May 2009 no there is no requirement

21 May 2009 So, there will not be any Interest liability for the unpaid Interest amt or it can be claimed by assessing order later on?




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