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PENALITY FOR LATE PAYMENT OF TAX (Income Tax)

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This query is : Resolved


( Author )
24 June 2010

WHICH PROVISION OF IT SHOULD BE APPLY ON LATE PAYMENT OF INCOME TAX OR NON PAYMENT WETHER RETURN IS TO BE FILLED.


B.Chackrapani Warrier

( Expert )
24 June 2010

Pl see sections 221(1) and 271F of the Income tax Act,1961.


CA. BIJENDER KR. BANSAL

( Expert )
24 June 2010

Agreed with Chackrapani ji.

Section 221 (1) : Penalty for tax default
Section 271 F : Penalty for late filing of return.


CA Saurabh Shukla

( Expert )
24 June 2010

From both of expert I want to ask whether we not required to consider Sec. 234 A,B & C.


Aditya Maheshwari

( Expert )
24 June 2010

Interest is calculated u/s 234A/B/C for delay in payment of taxes and penalty is levied u/s 221 for default in payment of taxes and 271F for late filing of return


CA. BIJENDER KR. BANSAL

( Expert )
25 June 2010

SUBJECT OF QUESTION IS REGARDING PENALTY ONLY, HENCE WE HAVE MENTIONED PENALTY SECTION.
INTEREST U/S 234A/B/C IS OBVIOUSLY CHARGED ON LATE PAYMENT OF TAXES AND LATE FILING OF RETURN.


mayur

( Author )
25 June 2010

sir,
234A for int. for default in furnishing return of income
234B for int. for defaults in payment ofadvance tax
234C for int. for defferment of advanc tax.
whether these section covered consequence for default in payment of self assesment tax?
if income is fully disclosed in return and return is filled in due date but there is default made in assesment of tax and tax show in return less than original.


Aditya Maheshwari

( Expert )
25 June 2010

Yes these section are due to delay in payment of taxes and are leviable.


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