📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    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
    More Accounts Questions

    Relevant for Exams:

    ask-question