wat is the maximum penalty that can be levied for non-payment of advance tax.
Deepak Jain Now CA + CS (AM in TCS CA, CS) (362 Points)
05 January 2009
wat is the maximum penalty that can be levied for non-payment of advance tax.
nitesh
(business)
(46 Points)
Replied 05 January 2009
If assessee is not paid advance tax as per provision then there is only interest penalty U/S 234(C) & (B).Payment of TAX as per provision of advance tax is complusury.
NITESH
9811933817
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 05 January 2009
There is no penalty for payment of Advance-Tax. Only Interest u/s.234B and 234C is payable. However, there is a penalty u/s.140A (3) for failure to pay Tax and/or interest in accordance with the provisions of Sec.140A (1). Maximum penalty u/s.140A (3) is Tax in arrears and Minimum is as levied by AO.
Thanks,
CA. Ashok Shah
CAclubindia
