Income Tax Return
This query is : Resolved
29 July 2010
Dear Sirs,
x is a individual person who pay his I.T. for assesment year 2010-11 on 30th July 2010 but he did nt file his return on 31st july then what will be interest and penality for the same ??
Thanks
Krishna
x is a individual person who pay his I.T. for assesment year 2010-11 on 30th July 2010 but he did nt file his return on 31st july then what will be interest and penality for the same ??
Thanks
Krishna
CA. Pradeep Nayak
(Expert)
29 July 2010
There is no penalty.
Even though tax was paid on 30th July, interest u/s 234A @ 1% per month will be applicable from 1st April till the date return is actually filed.
Even though tax was paid on 30th July, interest u/s 234A @ 1% per month will be applicable from 1st April till the date return is actually filed.
29 July 2010
agreed
CA Vijay Kumar Gupta
(Expert)
29 July 2010
No interest.but penalty u/s 271F of I. T.Act,1961 if return is not filed on or before 31-03-2011.
CA Vijay Kumar Gupta
(Expert)
29 July 2010
Difference of opinion with the Experts
no interest as per decision of SC judgement in the case of CIT vs Dr. PRANNOY RAO(2009) 179 TAXMAN 53(SC)
no interest as per decision of SC judgement in the case of CIT vs Dr. PRANNOY RAO(2009) 179 TAXMAN 53(SC)
CA. Pradeep Nayak
(Expert)
29 July 2010
Interest u/s 234A is for default in furnishing the return of Income and not for default in payment of taxes.
As there is a default in furnishing the return, interest u/s 234A should be applicable. However the aforementioned Supreme Court ruling states otherwise.
As there is a default in furnishing the return, interest u/s 234A should be applicable. However the aforementioned Supreme Court ruling states otherwise.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Due date for filing return for the partner in partnership subjected to Tax Audit
- GST on reimbursement of expenses
- Query on effect of registration of property
- Visiting card purchase
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Additional trade name
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
