Payment of self assessment in higher side
This query is : Resolved
10 August 2011
Sir,
Since the interest rate on latepayment of Advance tax is 1% pm ie 12% pa which is lesser than the Bank interest, most of the companies are paying self assessment tax in higher side. Nowadays, the Income tax authorities are sending notices to these companies asking clarifications and informing to procede legal action in future. Kindly experts inform whether the income tax authorities having right to take legal action if we pay more self asst tax or late advance tax
Since the interest rate on latepayment of Advance tax is 1% pm ie 12% pa which is lesser than the Bank interest, most of the companies are paying self assessment tax in higher side. Nowadays, the Income tax authorities are sending notices to these companies asking clarifications and informing to procede legal action in future. Kindly experts inform whether the income tax authorities having right to take legal action if we pay more self asst tax or late advance tax
14 August 2011
Income tax authorities having power to charge interest & penalty for late payment
but while doing this type of procedure lead qualification the company audit report and it will be problem while applying some bank finance and other eligibility for other govt purpose
but while doing this type of procedure lead qualification the company audit report and it will be problem while applying some bank finance and other eligibility for other govt purpose
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