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1% Interest on Outstanding Demand on Section 143(3)

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Badaa

employee

109 Points Posted on 28 November 2023

Dear SIr/Madam,

I have an query on 1% interest on Outstanding Demand Amount. Please guide me whether this interest will be applied only for Outstanding Demand Amount or Outstanding Demand Amount+ Accrued Interest Computed if further delay payment in my total outstanding demand amount.

Thanks

Replies (3)

Quick Summary

This discussion seeks clarification on how the 1% interest on outstanding demand is calculated. The user wants to know if the interest applies only to the original demand amount or if it also includes any previously accrued interest on that demand. The query aims to determine the precise basis for the interest calculation to avoid underpayment or overpayment.