Regarding payment of income tax in installments

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2011 there is any provision in income tax act regarding payment of income tax in installments when assessment is complete

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 December 2011 Within the stipulated time under the Notice of Demand, if you give an application in writing, he may consider the request and allow you to pay the tax in installments.
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Interest for delayed payment may be charged in such cases.
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If you have a demand of Rs 100000/-, you can pay Rs 25000/- also. The amount paid will be credited to you.
For Balance 75000/ interest for delay is charged @ 1% pm or part of the month.

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