Though for individuals, rate of inertest @ 12 % per annum is charged if ITRs are submitted by 31st August and interest is being levied on corporates too if they fail to file returns by due date.
It is suggested that our finance ministry should charge 18% per annum between July 1- 31 and 24% between August 1- 31 so that the taxpayers become more cautious while filing their returns by due date.
This should be applied to corporates as well. Certainly the ministry will only gain out of the process, if it applies these suggestions.
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