Interest on tax

254 views
User Avatar

66 Points Posted on 15 February 2020
interest is calculated on tax payable in cash or the gross tax (itc+csh) ?

***section 100 of Finance (No. 2) Act ,2019 **
0 Reply Share Follow
On 15 February 2020 at 11:47 Report
Replies (3)
Quick Summary
This discussion clarifies how interest on tax is calculated. It confirms that interest is applied to the gross tax amount, which includes both Input Tax Credit (ITC) and cash paid. The relevant section discussed is Section 100 of the Finance (No. 2) Act, 2019, with a notification provided for further reference regarding its effective date.

User Avatar

58 Points Posted on 15 February 2020
Dear Sharma,
Interest will be calculated on Gross tax i.e,(Itc+Cash)
Reply
On 15 February 2020 at 13:09
User Avatar

66 Points Posted on 15 February 2020
Dear chowdary,

please clarify whether the provisions of section 100 of finance (no.2) act 2019 are into the force from jan 2020 , or not
Reply
On 15 February 2020 at 13:13
User Avatar

Consultant
1891 Points Posted on 15 February 2020

Please refer to the notification below for your reference

https://cbic.gov.in/resources//htdocs-cbec/gst/notfctn-01-central-tax-english-2020.pdf

Reply
On 15 February 2020 at 15:29

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Criteria to hire an article
  2. Guidence requested for a Finance Professional with
  3. Expert Opinion Required – Form 140 Gross Amo
  4. WRONG TAX DEMAND - formal responses , rectificatio
  5. Foreign remittance
  6. Affordable Residential Flats in Gurgaon
  7. Manufacturing
  8. TAN REGISTRATION ON E-FILLING SITE
  9. Form 10-IEA – Continuing Old Regime
  10. Income tax act 2026

More recent discussions | Post

Related Topics :

Loading