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fine or late payment on filing I.tax return of AFTER DUE DA

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This query is : Resolved

A.K.DHADDA

A.K.DHADDA (Querist)

15 November 2008 IF A IS HAVING INCOME TAX LIABILITIES OF RS.35000/ FOR FINANCIAL YEAR 2007-08 & HE HAS NOT FILED I.TAX RETURN ON DUE DATE 31.7.2008 WHAT WILL BE FINE /INTEREST IF HE FILE THE SAME TODAY 15.11.2008 NO TDS & NO ADV.TAX PAID

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

15 November 2008 Interest @ 1% for every month or part of a month for late filing of return from the cut off date to the date of filing of return. This is as per section 234 A of the income tax act,1961.

Peter,A.Matthai

Peter,A.Matthai (Expert)

15 November 2008 Interest u/s 234A starts on 1.8.08 - so four moths' interest is to be paid at 1% - this works out to Rs 1400[350 x 4 ]
similarly Interest u/s 234 B is is 1% for 8 months ie from April to November
this works out to Rs 2800 [ 350 x 8 ]
So total interest due is Rs 4200/-
Please note that no fine is impossable for this delay - fine is attracted only if filing date is beyond 31.3.09 - ie the last day of te Assessment year

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