Interest payable more than income tax liability

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ANAND (Querist)
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12 July 2013 Whether Interest payable under the provisions of income Tax Act (say 234A/B/C) can exceed the actual Income Tax Liability?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 July 2013 Int is usually 1% of income tax liability. Int cannot exceed overall income tax liability.

ANAND

ANAND (Expert)
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12 July 2013 Can you quote the action which states that it can't exceed the tax?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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12 July 2013 Interest always restricted to the value of assessed tax. so it cannot exceed.

Interest rate is 1% per month means annually 12 %. for making equal to tax liability itself 8 years delay need to happen.( there is not interest on interest concept also in Income tax)

How ever 8 years it too long time.so my opinion is interest cannot exceed the tax liability in any cost

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