Penalty for Outstanding Taxes
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 June 2010
Dear Sirs,
For Individuals:
1) The 1% monthly penalty for outstanding taxes payable is calculated as per simple interest or compound interest basis?
2) The number of months is calculated from the end of July or March?
Please let me know.
Balaiah
For Individuals:
1) The 1% monthly penalty for outstanding taxes payable is calculated as per simple interest or compound interest basis?
2) The number of months is calculated from the end of July or March?
Please let me know.
Balaiah
21 June 2010
1) Simple interest
2) From the end of July
2) From the end of July
21 June 2010
1. Interest is simple interest
2.Not clear you need to tell for which tax, TDS,Self assessment tax, Advance tax
1. Interest is simple interest
2.Not clear you need to tell for which tax, TDS,Self assessment tax, Advance tax
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