The interest is calculated at 1% simple interest per month on the defaulted amount for three months. The interest penalty would continue up to the next deadline. If even after the last deadline of 15 March, the tax is not paid, then the 1% would be on the defaulted amount for a month...
Lawrence J. Goodrich, writer of The Christian Science Monitor
After his MBA from Indian Institute of Management Bangalore in 1985, he joined TCS, where he held positions of increasing responsibility and stature, including stints in the UK and the US. He is very passionate about education and is on the Advisory Board of Thiagarajar College of Engineering...