Late payment of tax

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

Replies (4)

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.

Thank you Vishal and Akshata. One more small doubt. Now when I pay will it be advance tax or self assessment tax. I presume it will be the latter?

yes it will be self assessment. :)

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 September 2026
CA/Semi-CA/BCom

Pravin Sarvaiya

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 07 September 2026
CA Articles

Kothari Jain Patil & Chartered Accountants

Pune

CA Inter

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 24 August 2026
Article Assistant

M/s.S.G.Salecha & Co.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
08 September 2026
Semi-Qualified Assitant

Subrahmanyam & Sivudu CA Firm

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 25 August 2026
CA Article's

Saini Pati Shah & Co LLP

Mumbai

CA Inter

View Details