challan CMP 08 not live yet: Will I be liable for interest?
CMP 08 not live yet. Today is the last date to file it. CMP 08 is a new statement for all composition taxpayers. The taxpayer is in a huge dilemma. There is a misconception in taxpayer that they need to pay before 18th of qtr. Otherwise, interest liability will be there. Let me clarify this.
You are not required to pay any tax or deposit it in cash ledger. Due date of CMP 08 will be extended. The due date for payment of tax is also linked with the due date of CMP 08.
You are not liable for any interest. There is no need to deposit tax in cash ledger. Tax is deemed to be paid only when it is adjusted with self-assessment. Even if you deposit it in cash ledger it will not partake the character of tax paid. Please don’t believe in rumours and wrong information. Wait for the next update from CBIC and take any action on the basis of true and correct info.
e.g. If you are liable to pay Rs. 50 lac and you keep 50 lac deposited in cash ledger. Unless you file a return, create liability and adjust it. Tax payment is not done from your side.
Deposite in cash ledger is not a payment of tax. Hope it is helpful for you. Any query in this regard can be posted on our website. Pls post it in QA section of our website.