Int on income tax

Tax queries 368 views 1 replies

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

Replies (1)

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


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