Rate of % interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 September 2011
dear sir please give me information late payment of income tax what is the percentage rate
06 September 2011
U/s 234C - Deferrement of Tax
U/s 234B - After 15/03
all @1%
For Detail Read Section Mentioned Above
U/s 234B - After 15/03
all @1%
For Detail Read Section Mentioned Above
06 September 2011
It is 1%.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
06 September 2011
it is 1% for section 220(2) also
06 September 2011
Percentag is 1% but you should know under which provision you are liable to pay late payment interes:-
You are liable to pay interest on tax exceeding Rs. 5,000/-
234A - From the due date till return is filed on the tax payable as per return.
2) 234B - Non payment 100% advance tax up to 90%
234C - Non payment of advance tax. This is charged on Quaternary basis.
220(2) - On completion of assessment if there is any tax liability and you have not paid the same within 30 days then this interest can be charged from you.
You are liable to pay interest on tax exceeding Rs. 5,000/-
234A - From the due date till return is filed on the tax payable as per return.
2) 234B - Non payment 100% advance tax up to 90%
234C - Non payment of advance tax. This is charged on Quaternary basis.
220(2) - On completion of assessment if there is any tax liability and you have not paid the same within 30 days then this interest can be charged from you.
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