Interest rate u/s 220(2)
This query is : Resolved
23 December 2011
Income tax depart has demand the tax for A.Y.2004-05, 2007-08 & 2008-09 u/s 143(1). I am confusing here that interest rate for which a.y. will be applicable. i.e. demanded A.Y. or Current A.Y.?
& what will be interest rate?
please suggest me.
& what will be interest rate?
please suggest me.
CA PARAS BAFNA
(Expert)
23 December 2011
Rates applicable to the respective demand A Y will apply.
23 December 2011
thanks, please give me rate also for given demanded A.Y.
CA PARAS BAFNA
(Expert)
23 December 2011
U/s 220(2) the rate of interest is one percent per month or part of the month for the AYs mentioned in the query.
.
Interest U/s 220(2) is payable from the last day of payment specified in the notice or a period of 30 days from the notice. It is calculated on unpaid demand.
.
Interest U/s 220(2) is payable from the last day of payment specified in the notice or a period of 30 days from the notice. It is calculated on unpaid demand.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Additional trade name
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
