matter of income tax

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Guest

Guest (Querist)

03 November 2010 late pmt. of income tax int. will be 1%.than will panelty add in my amt. when panelty will add my amt. after 30 days

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 November 2010 Penalty provisions will not attract for 30days delay in filing the return from due date,if the case is not covered under section 44AB(tax audit).

Guest

Guest (Querist)

04 November 2010 means sir if i will deposit ,my income tax return not deposit in that year & deposit in next year than i will paid panelty

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 November 2010 Penalty for belated payment / non payment of tax can be levied under section 221(1) of the Income tax Act,1961.

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