Interest calculatio on s tax
This query is : Resolved
25 October 2011
For quarter April to June 2011 I paid the STAX on 25th Oct. So please guide about the interest calculation & rate
25 October 2011
Rate is 18% per annum. Calculate for number of days delay viz., 114 days.
25 October 2011
The due date for payment of S Tax for Qtr Apr- June is 5/6 July
As such no. of days defaulted in payment if paid on 25th Oct should be
July 31- 5 = 26
Aug 31-0 = 31
Sep 30 -0 = 30
Oct 25 = 25
Total = 112 days
As such no. of days defaulted in payment if paid on 25th Oct should be
July 31- 5 = 26
Aug 31-0 = 31
Sep 30 -0 = 30
Oct 25 = 25
Total = 112 days
25 October 2011
Also note that the rate of interest is 15% if the gross reciepts less than 60 lacs.
25 October 2011
Also note that the rate of interest is 15% if the gross reciepts less than 60 lacs.
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25 October 2011
Yes Mr.Singh. Thanks for reminding proviso to section 73B which talks about 15%.
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