Tuesday, December 13, 2011

Here are the details. Will I need to pay any interest on the Tax?

Since your final tax liability is Rs 45382.00 you should have paid 90% of tax before 31.03.2010. Balance 10% tax is permitted to deposit as self essment tax without any interest before due date (31.03.2010). In your case you fails to pay 90% of total tax liability before 31.03.2010 hence you are liable ot pay interest u/s 234B @ 1.00% on Rs 7503.00 for the period from 01.04.2010 to the date of filling income tax return. Tax paid by you earlier other than TDS if not paid as advance tax according to date prescribed then you are also liable for interest under section 234C

No comments:

Post a Comment