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.
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