Interest on residual amount of tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2010
An assesee has to pay 250000/- as income tax which includes interest under sec 234c calculated upto 15th march 2010. ie., interest for 1 month on 100% amount is not taken.suppose he pays 230000/- on 15th and the balance 20000/- on 30th june will he have to pay interest on rs 20000/-.What is the % and upto what date.
14 March 2010
he has to pay interest u/s 234C on Rs. 20000/- for 1 month. Here interest u/s 234B is not applicable as he has paid 90% of tax in advance. Interest u/s 234A will be applicable after 31st July or 30th sep. whichever is applicable in above case.
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