Interest payable more than income tax liability
This query is : Resolved
12 July 2013
Whether Interest payable under the provisions of income Tax Act (say 234A/B/C) can exceed the actual Income Tax Liability?
12 July 2013
Int is usually 1% of income tax liability. Int cannot exceed overall income tax liability.
12 July 2013
Can you quote the action which states that it can't exceed the tax?
CMA Ramesh Krishnan
(Expert)
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
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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