Interest on outstanding demand

Tax queries 448 views 1 replies

Few 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.

Replies (1)

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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