sir, my client fy 17-18 has excess itc availed, so filling annual return, such excess itc paid thru drc 3 has voluntary payment?
if yes, any interest or penalty will attract?
pls guide me sir
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Drc 3 voluntary payment
Replies (5)
Yes with 24% of interest.
How to calculate 24 percent interest?
| Originally posted by : srikumar | ||
 |
How to calculate 24 percent interest? |  |
Availed Amount (x) 24% (/) 365 days (x) actual date of payment
@ Srikumar
Interest is attracted @ 18%
Penalty not attracted
Interest is attracted @ 18%
Penalty not attracted
Interest not applicable if paid through credit ledger.
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