Last year I didn't file IT returns.
I was suppose to pay 23000.
Excel utility is showing that I need to pay approx 7000 as an interest.
I am not able to find how is it calculating interest (30% ?) ?
Can anybody help me understanding how is Govt calculating tax?
For which year are you filing your returns? Last year or current year
Didn't file IT for FY 10-11 (which I am suppose submit last year).
i.e. I want to file IT return for FY10-11 today (and I was suppose to pay approx 23000)
I read that govt charge 1% interest per month. but seems like govt is asking for more than 30% from me.
can anybody tell me how does Govt calcualate interest (under section 234b and 234c)?
CAclubindia
