Question
Interest payable by a non-corporate assessed for
deferment of advance tax isSolution
Non-corporate taxpayers who defer advance tax payments are typically required to pay interest on the deferred amount. The interest rate is usually around 1% per month (1% p.m.) on the amount of tax deferred. This is a common provision in many tax systems to encourage timely payment of taxes and to compensate the government for the delayed receipt of tax revenue.
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