If the tax amount payable is less than Rs5000,and if one files the returns after the due date(31/7/2010),is there a penalty of 1% per month on the tax amount.
Thanks;
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Penalty
Replies (2)
hI MAHESH,
U R CORRECT BUT IT IS NIOT AN PENALTY IT IS AN INTEREST U/S 234A. THE CORRECT RATE IS 1% PER MONTH OR PART THEREOF.
REGARDS,
MANOJ
yes write anshwer manoj.
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