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Sheetal Virulkar   16 September 2021

Interest on tax payment

Hello,

As per my friend, his total tax liability for AY 2021-22 is 1.7Lakhs, out of which 97k has already been paid till apr'21 by his employer. Now for remaining tax liability of 73k, I would like to understand if he would have to pay interest while filing an ITR? If yes, how much?



 5 Replies

JGM

JGM (Knowledge Sharer)     17 September 2021

Please refer section 234B and section 234C of the Income-tax Act, 1961 for interest computation 

Sourav

Sourav (Student)     17 September 2021

Section 234B and 234C may be applicable @ 1% per month or part of month
5R1R4M_ D4_V3NC3

5R1R4M_ D4_V3NC3   17 September 2021

Liable to pay intrest under sec 234B & 234C refer those section.
Sheetal Virulkar

Sheetal Virulkar   17 September 2021

Thank you for the information.

Saurav Kumar

Saurav Kumar   20 September 2021

You are taking huge risk of 234A and 234B.

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