If someone wants to pay tax amounting to5,000 related to year 2010-11 (current A.Y.). What penalty or intt. he will have to pay? and under which head will he pay (like advance tax etc.)
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Late payment of tax
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There is no need to pay advance tax as your tax liabilities is less than 10,000.
If you pay now in december for A.Y2010-11 Interest have to be paid of 17% u/s 234A.
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