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Non Payment of Advance Tax
One of my friend has only Capital gain income for the AY 2018-19. And it's not long term. It's kind of speculation. He has not paid any Advance Tax for the AY. What is the consequences of non payment of Advance Tax ? He suspects that his tax liability crosses the limit of Rs. 10,000. He wants to pay the entire tax liability before July 31st while filling Return of Income. Is it only the payment of interest or is there any Criminal liability for non payment of Advance Tax.?
Replies (6)
There is no such criminal liability you just have to pay interest for non payment of advance Income tax.
Thanks a lot @ Bibek Jaiswal ji for your answer. So the Interest would be under the section 234 B and 234C ?
yes will be liable to pay interest u/s 234B
Thanks a lot @ Bibek Jaiswal ji.
u/s 234B @ 3% until June and 4% until july 31 as well as 5.05% net u/s 234C on Tax amount.
Thanks a lot @ Ruchika Somani Ji
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