Part of my income tax for FY06-07 is yet to be paid! what is the penalty i have to pay?
ur question require more clarity as considering u an individual who's return should be submitted upto 31-7-07 so if any portion of ur tax if it is not in excess of Rs.5000/= require no penalty it will be penalised if before furnishing the return of income u do not paid the amount of tax computed u/s 140A self assessment manner then u will be treated as assessee in default u/s 220 and accordingly penalised for that . Amount of penalty will never exceeds the amount of tax payable and interest @ 1% shall be charged for the period tax is payable. as my answer is based on assumption so if u need more clarity about it u have to ask the question in concrete manner i.e require more clarity. |
