234 a
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2011
PLZ TELL ME SECTION 234 A IN BRIEF . WHO ARE LIABLE TO PAY INTEREST INTREST UNDER THIS SECTION
Dintakurthi Tirumala
(Expert)
23 September 2011
The assesees who not filed their incometax return with in the due date prescribed under section 139(1) are liable to pay interest as per section 234A.
The interest will be payable @1%p.m or part of the month on self-assessment tax paid/payable at the time of filling return to the date of filling of the return.
Ex. if the due date prescribed 31st july but the filling of the return on 23rd september and he has to pay self assessment tax then the interest 2% will be charged on self assessment tax.
I.e if the assessee files his income tax return with in the due date prescribed as per section 139(1) or files after the due date and full tax amount paid as advance tax/tds/tcs(i.e.no self assessment tax payable) or income tax payable is Nil then the interest as per section 234A doesn't arise.
OM SAI SRI SAI JAI JAI SAI
The interest will be payable @1%p.m or part of the month on self-assessment tax paid/payable at the time of filling return to the date of filling of the return.
Ex. if the due date prescribed 31st july but the filling of the return on 23rd september and he has to pay self assessment tax then the interest 2% will be charged on self assessment tax.
I.e if the assessee files his income tax return with in the due date prescribed as per section 139(1) or files after the due date and full tax amount paid as advance tax/tds/tcs(i.e.no self assessment tax payable) or income tax payable is Nil then the interest as per section 234A doesn't arise.
OM SAI SRI SAI JAI JAI SAI
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