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
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.
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.
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