I am filing my ITR after 31/7/08 and I have some balance tax to be paid. How much additional penalty/interest has to be paid? Somebody told me that it is: 1% as interest and 1% for not depositing the tax before the due date, so a total of 2%. Is it correct? Or I should just pay a total of 1% as the penalty/interest.
| Originally posted by :Arun | ||
| " | I am filing my ITR after 31/7/08 and I have some balance tax to be paid. How much additional penalty/interest has to be paid? Somebody told me that it is: 1% as interest and 1% for not depositing the tax before the due date, so a total of 2%. Is it correct? Or I should just pay a total of 1% as the penalty/interest. |
" |
as per section 234A penalty of 1% p.m is levied for late filing of return (only if tax is required to be paid before filing of return) on the balance amount of tax payable.
There are 3 sections for Interest:
For default in furnishing the return (section 234A)
For default in payment of advance tax (section 234B)
For deferment of advance tax (section 234C)
For all the above is the penalty only 1% of the balance tax? Who has to pay penalty under section 234B? Is this not relevant for Self Assessment Tax?
only 1%pm interest on tax payable after TDS will be paid It is better to give to chartered accountant to file it.
Chirag P Shah & Co. Chartered Accountant
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