234a interest
This query is : Resolved
Nagaraju S S
(Querist)
09 December 2011
Please any one reply me regarding:
i have received intimation u/s 143(1)indicating tax liability.
i have paid all the tax before the due date but i filed the return late.
whether i have to pay 234A interest for the same.
i have received intimation u/s 143(1)indicating tax liability.
i have paid all the tax before the due date but i filed the return late.
whether i have to pay 234A interest for the same.
Aditya Maheshwari
(Expert)
09 December 2011
Yes you will have to pay interest u/s 234A. it is levied for late filing of return irrespective of whether tax is paid before or later but levied only in case where S. A. Tax has been paid.
Nagaraju S S
(Querist)
09 December 2011
THen why Winman software is not caculating the same.
09 December 2011
it may be problem in software but according to law you are required to pay interest @ 1% per month or part of the month u/s 234A
09 December 2011
If the tax due is paid before the due date of filing the return, and the return filing is belated, interest under section 234A can't be levied.
Citation :- Dr. Prannoy Roy & Anr. Vs CIT [2002] 172 CTR (Del) 465.
Citation :- Dr. Prannoy Roy & Anr. Vs CIT [2002] 172 CTR (Del) 465.
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