I have an income of just over Rs.5,00,000 per annum and also a senior citizn. But I did not take into account my deposit interest at the time of calculating my tax dues in March. As such I have to pay around Rs.30,000 now as dues over the tax already paid by self and TDS (pension). When I pay this amount now do I have to pay interest and if so at what rate and under what section do I pay the dues?
Gopakumar
9895761405
dear C.Gopalkumar ji,
As your tax liability after TDS is more than Rs.9999 so you will have to pay interest under section 234B & 234C at the rate of 1% simple interest per month & part thereof under each section.
agreed with vishal, 234B &C shall be applicable @ 1% simple interest.
yes it will be self assessment. :)
CCI
Pro
CAclubindia
