19 July 2011
Since there is no 'tax payable', question of advance tax doesn't arise even though tax due is more than Rs.10,000/-. Therefore, interest under the cited section will not apply.
19 July 2011
I think there is some mistake in the query asked. The Tax Liability is not Rs. 13000 but Rs. 130000/- Thats why the tax liability is coming to Rs. 10000/-
20 July 2011
thanks 4 paying attention to my ques...tax libility is 13000..and tds paid is 120000..no advance tax is paid during the year..my ques is that "is interest applicable or not"..
CAclubindia
