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Notice u/s 143(1) for interest due

V P Narasimhan (Accounts Manager) (784 Points)

21 October 2021  

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

 1 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (108753 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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