Interest on late payment
This query is : Resolved
CA Vap Patel
(Querist)
27 June 2016
An Individual Assessee who has turnover in preceeding year is less than 60,00,000/-has not paid tax for quarter Oct to Dec 15 and for Jan to March 2016
Oct to Dec Tax Liability - 16000
Jan to March Tax Liability -18000
we will pay on 30/06/2016
How should I calculate interest for late payment? considering new interest rate applicable from 15thjune 2016
Should I calculate late payment interest upto 15th june 2016 @18% and from 15th june @ 12%?
Oct to Dec Tax Liability - 16000
Jan to March Tax Liability -18000
we will pay on 30/06/2016
How should I calculate interest for late payment? considering new interest rate applicable from 15thjune 2016
Should I calculate late payment interest upto 15th june 2016 @18% and from 15th june @ 12%?
KAVIRAJA ADDANGADI
(Expert)
27 June 2016
New Service tax rate is applicable wef 14/05/2016 taxable services of preceding year does not exceeds Rs.60 lakhs than rate of interest on late payment will be 12%
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