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Doubt on interest calculation of tax liability


Ramachandran R   24 November 2020

Ramachandran R

 1 likes  82 points

| My Other Post

Hi all, 

I have the following doubt on calculating interest for the tax liability. 

Let consider tax amount is 10000 & ITC available is 5000. 

Should I calculate interest after reducing ITC or should calculate interest for full tax amount of 10000

Thanks in adavnce

avater

Aditi Kaur (Practising CA)    25 November 2020

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Deepak Bhatt

Deepak Bhatt   24 November 2020

Deepak Bhatt

 2 points

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Calculate after deducting ITC.. Interest is leviable on net cash liability.

jayendra Gaonkar

jayendra Gaonkar (Asst. Manager)     25 November 2020

jayendra Gaonkar
Asst. Manager 
 9 likes  212 points

View Profile | My Other Post

please read before proceeding https://gstindianews.info/gst-late-fees-returns-payments-wrong-itc-reversal-notifications/#grossnet


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