sub int on income tax
sir
For example
Mr A did not deposit due tax up to given time for f.y 2011-12, and he did not file return also
after getting from IT Deparment he want to submit the return
the question is that, for how much period int on due tax will be calculated and,
Is interest rate is 1% monthly or not
yes you will liable to tax with interest 1% for every month or part therof from the due date on which such tax was payable u/s 115-O(3) to the date on which it is actually paid
Kothari Jain Patil & Chartered Accountants
Pune
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Getmyca Consultant Pvt Ltd
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CCI
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