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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- NRI starting business in India
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- EXPORT COMMERCIAL INVOICE HSN CODE
- Journal entry of busniess expenses
- Non-Compliance documents have not been submitted by the contractors debited
- Bank details not Visible on Traces Portal
- GST not cancelled by tenant
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
