Interest on Advance tax shortfall
This query is : Resolved
11 December 2008
Hi friends -
If only a part of the advance tax due on 15/12/2008 is paid before that date. Say 60% is paid & balance 40% is paid on 15/3/2009, alongwith the advance tax due on 15/3/2009.
Please advise a.s.a.p. - what will b the rate of interest to be paid for the shartfall of advance tax (due on 15/12/08) & the period for which such interest is to be paid.
Also advise what would be the other monetary & non monetary consequences.
Thanx in advance,
Vishwas
If only a part of the advance tax due on 15/12/2008 is paid before that date. Say 60% is paid & balance 40% is paid on 15/3/2009, alongwith the advance tax due on 15/3/2009.
Please advise a.s.a.p. - what will b the rate of interest to be paid for the shartfall of advance tax (due on 15/12/08) & the period for which such interest is to be paid.
Also advise what would be the other monetary & non monetary consequences.
Thanx in advance,
Vishwas
11 December 2008
Find out the short fall on the amount due on 15/12/2008. Pay interest @1% per month for 3 months (15/12/2008 to 15/3/2009) at the time of filing the return of income. Reference section 234C of the Income Tax Act,1961.
11 December 2008
The question of interest on advance tax would arise only if the tax payable(after sett off of TDS) is in excess of Rs 5000.
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