Hi pankaj , i have paid less tax for the FY 11-12 than what was due.Now how much interest(percentage) to pay as a penalty on the remaining tax which i need to pay??
1 Answers
If you file income tax return before 31st July, following interests may be applicable.
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u/s 234B: If pending tax payment is less than Rs 10000, no interest is payable. But it its more than 10000, 1% per month for 4 months = 4%(April-July, considering income tax is paid in July) will be payable on pending tax amount.
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u/s 234C: If pending tax payment is less than Rs 10000, no interest is payable. But it its more than 10000, sum of following amounts will be payable:
a. 3% of (30% of pending tax - self advance tax paid by 15th Sept, 2010)
b. 3% of (60% of pending tax - self advance tax paid by 15th Dec, 2010)
c. 1% of (100% of pending tax - self advance tax paid by 15th March, 2011)
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