A company has paid MAT in instalments on various dates due to fund problems. Now,it wants to calculate the interest due on delayed payments and remit. What is the rate of interest to be taken? Is ithe nterest to be calulated on monthly basis or for no of days delay?. Pls help
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Interest on MAT
Replies (2)
Calculate interest as per provisions of Section 234C in case of delay in advance tax payment. Interest to be calculated per month
If the company is not paid advance tax with in the time limit, the company is liable to pay simple interest @ 1% u/s 234B and 234C though the tax is computed u/s115JB.
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