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Why should I pay penalty and interest on a late payment when I never received my tax
As you can see, the difference between tax penalties and interest is pretty simple to understand. Penalties are assessed for the failure to file a return or failure to pay on time. Interest, in a similar fashion to the failure to pay penalty, is charged on late or unpaid taxes.
Between 1st August 2022 to 31st December 2022 Rs 1,000 Rs 5,000
Particulars Interest
Tax paid after due date* 18% per annum
Excess ITC Claimed or excess reduction in Output Tax 24% per annum
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