Self assessment tax payment

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Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2011 I would like to know that i have to deposit income tax of mine and yesterday was last day of munth as well as bank holiday. Now, should i deposit tax with 2 month's interest or 1 month interest ?/

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 September 2011 Yes. need to pay 2 months interest

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Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2011 Thanx for your reply,

Can you give me the section reference or some grounds on which you are answering ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 September 2011 Interest applicable on Income tax is based on per month or part of the month basis.so no day basis calculation. even day also counted as 1 month delay and interest for 1 month only. please refer the section.234A/B/C

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2011 sir, i am asking that last day of month was holiday. In that case, do we have a ground to pay August's interest only ?

U S Sharma

U S Sharma (Expert)
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01 September 2011 2 months interest is payable

if the last day of july (last date of payment) was holiday, then govt would issue notification in this regard, but when its late made by assesee then no such holidays or sundays work.

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2011 sir i am talking about yesterday. i have to deposit self assessment tax with interest but yesterday was holiday so i will deposit in this month. if i am depositing today then should i pay September's interest too or not ?

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