tax administration-POA

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July 1, 2020 at 9:38 am #575601

Noah098
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sir in case of excessive claim to reduce POA the interest charged can be apportioned in days? for example a person pays POA on 12 august instead of the usual on 31 july. so how exactly is interest charged(3.25% p.a.) in such a case?

July 2, 2020 at 4:56 pm #575751

Tax Tutor
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The exam will only require interest to be computed to the nearest month but in practice it will be on a daily basis – so if a payment is made 18 days late the interest would be 18/365 of the annual amount
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