Penal interest below rs 1000 is ignored or not
This query is : Resolved
30 May 2015
dear experts,
for the filing of an individual return
net profit is calculated as Rs 294500
net profit 264500
(-) BEL 200000
64500
tax@10% 6450
(_) rebate u/s 87A 2000
4450
Cess @3% 133.5
Net tax liability 4583.5
rounded off 4580
interest u/s 234A 458
(4580*1%*10)
the question is whether this 458 penal interest is payable or ignored?????
for the filing of an individual return
net profit is calculated as Rs 294500
net profit 264500
(-) BEL 200000
64500
tax@10% 6450
(_) rebate u/s 87A 2000
4450
Cess @3% 133.5
Net tax liability 4583.5
rounded off 4580
interest u/s 234A 458
(4580*1%*10)
the question is whether this 458 penal interest is payable or ignored?????
30 May 2015
any demand whichis below 100 or equals to 100 is ignorable
Sec 234A is not ignorable
Sec 234A is not ignorable
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30 May 2015
It is Rs. 10/- and not 100/- per section 288B of the IT Act,1961.
31 May 2015
Warrier sir, the Rs 100 Ravichandra is referring to comes not from 288B but from an income-tax department decision to ignore demands less than Rs 100 while issuing notice of demand...
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