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SECTION 50
Whether interest for late payment of tax will be computed on gross liability (i.e. before adjusting ITC) or net liability (i.e. after adjusting ITC)?
Replies (3)
Net amount from the succeeding day of due date of return.
give section and proof(any notification or FAQ)
As per Rule 85
a] the amount payable towards tax, interest, late fee or any other amount payable as per the return furnished by the said person.
So the Interest computed as per the return filed (Ouput-Input = net Tax)
a] the amount payable towards tax, interest, late fee or any other amount payable as per the return furnished by the said person.
So the Interest computed as per the return filed (Ouput-Input = net Tax)
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