shalini (CA) (525 Points)
20 January 2015Few years back IT department sent me notice of outstanding demand of A.Y. 2008-09 u/s 143(1) of 4836/-. and date on which demand is raised is 15/03/2010. Now i want to pay this demand. Is this amount inclusive of interest or i have to add 1 % per month interest in this demand from 15/03/2010 till today. Please help me.
Thanks in advance.
CA Pankaj Kr Agrawal
(@Helping Hand)
(2143 Points)
Replied 29 January 2015
Hi,
Sec 234B:- Interest payable for default in payment of advance tax
Interest u/s Section 234 B shall be levied @ 1% p.m. i.e. you will have to pay interest @ 1 p.m. from 15/03/2010 to till date of payment.
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