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Interest under section 234B(2A)(a) - Settlement Commission Case, Income Tax |
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Interest under section 234B(2A)(a) - Settlement Commission Case |
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As per the Section.... Interest has to be calculated at 1% from the start of that Assessment year upto the date of filing of application to ITSC.... Is the interest to be calculated on the outstanding tax per month or on the entire tax Eg Suppose tax payable is 1,00,000 for AY 2010-11. An amount of ₹ 80,000 was paid on 31.3.2014. Date of filing ITSC application is 15/01/2016 Logically interest has to be calculated on 1,00,000 upto 31.3.2014 and then interest has to be calculated on the balance tax from 1.4.2014 to 15/01/2016... Kindly update... Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
In my view yours is correct.
Interest is applicable on outstanding period. Page: 1 Old Query - New Comments are closed. |
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