Advance Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2010
Hello friends,
Last date of advance tax deposit is 15th September & minimum 30 % of tax is payable.
Suppose a person have to deposit Rs. 1,00,000/- Advance Tax but he deposit Rs. 20,000/- (which is less than minimum 30 % deposit).
- How to calculate interest on tax if balance tax deposited on 31st Sept., 2010.
- If balance tax not deposited on 31st Sept., 2010 but on deposited on December, 2010 then how interest is calculated.
Last date of advance tax deposit is 15th September & minimum 30 % of tax is payable.
Suppose a person have to deposit Rs. 1,00,000/- Advance Tax but he deposit Rs. 20,000/- (which is less than minimum 30 % deposit).
- How to calculate interest on tax if balance tax deposited on 31st Sept., 2010.
- If balance tax not deposited on 31st Sept., 2010 but on deposited on December, 2010 then how interest is calculated.
CA Navin Jain
(Expert)
23 September 2010
u will calculate interest on the balance amount for three month @1% per month
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