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rate of interest

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(Querist)
16 February 2009 is the rate of interest forlate filling of return in wealth tax is same as in Income Tax ?? pls rply..its urgent
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chetan soni

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chetan soni (Expert)
16 February 2009 Yes its same. Still you check this with Welth Tax Act.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 February 2009 For late filing of wealth tax return interest has to be paid. The rate of interest is 1% (w.e.f 8/9/2003 & onwards) for every month or part of a month's delay on the amount of tax payable on the net wealth. In other words rate is same as prescribed in income tax act,1961.
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