Interest u/s 234A (Income Tax)

This query is : Open

barkha

( Author )
25 February 2009

if return is filled on 02/02/2008 and due date of filing return is 31st July,2007 and Self Assessment Tax is paid on 07/07/2007.For how many months interest u/s 234A will be charged?pls rply its very urgent

Ram Avtar Singh

( Expert )
25 February 2009

Due date individual

1st Payment of 30% - 15th September
2nd Payment of 60% - 15th December
3rd Payment of 100% - 15th March

now you interest calculate from 15 march to 7.7.07

CA Nitin Wadhwani

( Expert )
25 February 2009

Interest u/s 234A will be charged for 7 months frm August to February.

CA Praveen Chopra

( Expert )
25 February 2009

No interest will be charged U/s 234A if the self assessment tax has been deposited before the due date of filing return of income and the return of income is submitted after such due date as held by Delhi High Court in Dr. Prannoy Roy case ( 2003)

B.Chackrapani Warrier

( Expert )
25 February 2009

Mr.Chopra's view is correct because there is no loss of interest to the revenue since the tax is remited well before the cut off date. You can refer the cited case in 254 ITR 755.

barkha

( Author )
26 February 2009

But Chopra Sir, here the Self Assessment Tax is paid After the Due Date. then what will happen in this case

CA Nitin Wadhwani

( Expert )
26 February 2009

I opined to as per what the law speaks.
But there may be some contrary ruling as per an case law.
But the question arises how can case law can be contrary to the law itself?