i fail to pay FBT for the Third Qtr As i was not register for Direct online taxes through bank & i will pay the Tax in the month of Feb 2009 than how much penalty i has to pay can any one tell me
Thx
Sitaram
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Penalty
Replies (2)
Mr.Sitaram, I guess you are talking about payment of Advance FBT in instalments. The penalty would be in the form of interest. The calculation of such interest is the same as interest u/s.234 C.
You have to pay 1% interest per month of delay.
FBT advance tax has to be paid u/s115WJ, otherwise interest should to be remitted to the Government.
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