How to calculate interest on Tax demand u/s 143(1) for AY 2019-20 now say if the amount is approx. 1.25 lacs.
Should we calculate from the date of notice to previous year closing i.e. 31.3.2021 to make provision.
Pl help
V P Narasimhan (Accounts Manager) (791 Points)
21 October 2021How to calculate interest on Tax demand u/s 143(1) for AY 2019-20 now say if the amount is approx. 1.25 lacs.
Should we calculate from the date of notice to previous year closing i.e. 31.3.2021 to make provision.
Pl help
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 21 October 2021
Yes, you can do so. But it will change till paid fully. So, for provision any thing liable till 31.03.2021 can be accounted.
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