As per Sec.234C interest charge 1% per month for a period of 3months.
If an assesse failed to pay the tax on the due date then at what interest rate he will liable to pay tax?
E.g. Advance tax liability =1000
Date of deposit 16 July.
Interest =?
As per Sec.234C interest charge 1% per month for a period of 3months.
If an assesse failed to pay the tax on the due date then at what interest rate he will liable to pay tax?
E.g. Advance tax liability =1000
Date of deposit 16 July.
Interest =?
Its 1% for each month (part month is also considered as full month)
What type of assessee you are asking for ? COmpanies or other assessees ?
for companies four instalments will come
for others three instalments will come.
HI DEAR,
ADVANCE TAX NEED NOT TO BE PAID IF TAX LIABILITY DOESN'T EXCEED RS. 10,000/- IN A FINANCIAL YEAR.
IF ASSESSEE IS A COMPANY, THEN INTEREST WOULD BE RS.20/-
IF ASSESSEE IS OTTHER THAN COMPANY, THEN INTEREST WOULD BE NIL.
INTEREST WOULD BE LEVIED @ 1% OR PART OF THE MONTH.
REGARDS,
MANOJ
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