234 A interest

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This discussion addresses concerns about Section 234A interest being applied in tax returns even when the due date was extended to 30th November 2020. It clarifies that interest is payable if the self-assessment tax liability exceeds Rs. 1,00,000 and wasn't paid by the original deadline. Unfortunately, there's no recourse if the tax wasn't estimated and paid before the initial due date, even if Form 16A was received late.

roshan

roshan (Querist)

16 September 2020 Interest under section 234A is reflected in ITR/Memo in Winman incase tax exceeds Rs. 1,00,000 even though last date has been extended to Nov 30th.
Can anything be done about this

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

16 September 2020 for ay 2020-21 income tax due date 30th November 2020 so 234A interest not applicable check software provider

roshan

roshan (Querist)

16 September 2020 https://economictimes.indiatimes.com/wealth/tax/self-assessment-tax-liability-for-fy19-20-over-rs-1-lakh-pay-by-july-31-to-avoid-penal-interest/articleshow/76730357.cms

roshan

roshan (Querist)

16 September 2020 kindly confirm with regard to above link sir.thank you

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

17 September 2020 Interest is payable. Inference :- CBDT notification 35/2020 dt. 24-06-2020.

roshan

roshan (Querist)

17 September 2020 Sir Form 16 a was given to employee only in september 2nd week.
How is it possible to pay tax before 31st july.
Is there any other recourse available in this case.