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IT Company Discussion
IT Company Discussion
on
SparklyWalrus
SparklyWalrus
1mo
by
IBM

Biased Income tax rules

So if you pay TDS late then IT department will take 200rs fine per day but if they pay you late ITR refund amount then IT department is entitled to pay only 0.5% monthly.

1mo ago
JumpyPretzel
JumpyPretzel
Stealth
1mo

You need to read better. It is worse. Read about Section 234 A, 234 B, 234 C, 234 D, of IT Act.

Long and short, if you are late, they charge penalty 1% monthly, but if they are late for refund they will pay interest only if the refund is more than 10% of tax paid, and they will pay only 0.5% monthly interest.

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