what is the rate of Interest for late payment of income tax. The late period is over 3 years
2 Replies
Sagar Zankhariya
(Audit Assist.)
(278 Points)
Replied 17 July 2010
Hi... Shailesh
As per Section 234A for defaults in furnishing return of income : If the return of income is furnished after due date or is not furnished, the assessee is liable to pay interest under section 234A
Rate of Interest :- 1 per cent per month (simple interest)
Regards
Sagar Zankhariya
shailesh
(Service)
(227 Points)
Replied 18 July 2010
Sagar
Thanks for reply
I also think so which is confirmed by u
-shailesh
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
