About self assessment tax
This query is : Resolved
07 January 2014
My total Self Assessment Tax liability was Rs. 10lacs. But I Paid Only Rs. 8 Lacs. And Now a notice from the department has been raised regarding the payment of further self assessment tax. So whether i have to pay an interest on balancing amount (i.e. Rs. 2lacs) ?? If yes under which Section ??? or any penalty can be imposed by the department ??
07 January 2014
Yes you have to pay interest u/s 220(2) and penalty can be imposed u/s 140A or 221
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