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REGARDING LATE PAYMENT

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(Querist)
17 March 2011 DEAR SIR.

PLEASE EXPLAIN ME REGARDING LATE PAYMENT OF 140 A TAX FOR PREVIOUS YEARS, WHAT IS THE PENALTY UNDER INCOME TAX ACT
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
17 March 2011 The penalty can be imposed from time to time to the extent of the tax in arrears and can be imposable even if the tax has been paid after the default in payment has occurred. Pl refer section 221(1) of the Income tax Act,1961 for full details.
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