Question

Interest payable by a non-corporate assessee for deferment of advance tax is

A 1.03% p.m. Correct Answer Incorrect Answer
B 15% p.a. Correct Answer Incorrect Answer
C 18% p.a. Correct Answer Incorrect Answer
D 1% p.m. Correct Answer Incorrect Answer
E 2% p.m Correct Answer Incorrect Answer

Solution

 "Taxpayers who defer their advance tax payments in India are typically subject to an interest rate of 1% per month. This interest is applied for the delay in paying advance tax installments as per the prescribed schedule. It's essential for non-corporate assesses to meet their advance tax obligations on time to avoid incurring this interest charge." 

Practice Next

Relevant for Exams:

×
×