banner_ad

Payment of self assessment in higher side

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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
Profile Image

CMA Ramesh Krishnan

Profile Image

CMA Ramesh Krishnan (Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details