what is the rate of Interest for late payment of income tax. The late period is over 3 years
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
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