INTERESTS

[abhishreshthaa]

Interest:

It is generally considered as a compensatory payment.


1. When a dealer is liable to pay interest?

 Generally, a dealer is liable to pay interest on unpaid tax or delayed payment, if any. The circumstances in which such liability may arise are illustrated below:


2. What is the rate of interest?

 Generally, simple interest at the specified rate (say, 2%) per month or a part thereof is payable.


3. What is the amount on which interest is payable?


 The interest is payable on unpaid tax. To determine the unpaid tax, generally, the following adjustments are permitted or required:


 Payments, partly or otherwise, made till the terminal date (for calculating interest); or


 Variation (increase/decrease) in the amount of tax, pursuant to any order or assessment


4. What is the period for which interest is payable?

 The interest is payable from the date on which the tax become due till the date of payment or assessment as the case may be.

 

[jitendra05]

Interest:

It is generally considered as a compensatory payment.


1. When a dealer is liable to pay interest?

 Generally, a dealer is liable to pay interest on unpaid tax or delayed payment, if any. The circumstances in which such liability may arise are illustrated below:


2. What is the rate of interest?

 Generally, simple interest at the specified rate (say, 2%) per month or a part thereof is payable.


3. What is the amount on which interest is payable?


 The interest is payable on unpaid tax. To determine the unpaid tax, generally, the following adjustments are permitted or required:


 Payments, partly or otherwise, made till the terminal date (for calculating interest); or


 Variation (increase/decrease) in the amount of tax, pursuant to any order or assessment


4. What is the period for which interest is payable?

 The interest is payable from the date on which the tax become due till the date of payment or assessment as the case may be.

Hey abhi, well done! I really appreciate your work and also thanks for sharing such a great information. Well, as we know that interest is the money paid regularly at a specific rate for the use of cash loaned. For more detailed information, please download my presentation.