M Com FCS LLB M-AIMA
14046 Points
Joined June 2009
Tax does not include interest or late fees as the nature of these levies are to be understood. Interest and late fees both are in the nature of compensatory to the revenue. interest is compensation for delayed payment of tax while late fees is in the nature of penal provision in case of delayed filing of returns.
even otherwise interest is levied on tax only.