Penalty on 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
U want to know about penalty or interest. penalty is levy under section u/s 271(1)(c) min. 100% or max. 300% of tax liability and interest would be chargeable u/s 234A/B/C @ 1%p.m. accordingly under each section
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