Hi friends,
What is the meaning of 'income tax'? Does it include "interest on Income tax" (i.e interest u/s 234A,234B).
C.Giridhar Krishna (CA Final Student) (85 Points)
14 November 2008Hi friends,
What is the meaning of 'income tax'? Does it include "interest on Income tax" (i.e interest u/s 234A,234B).
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 14 November 2008
Income tax has ben defined in section 4 of IT Act 1961.
Interest on Income-tax is the financial charge that is levied on the delayed payment of Income tax due.
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