Interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2014 Dear Sir,
As the time of return filing has extended to 30 Nov. 2014. If the assessee deposits tax on 1st Oct. then whether the interest is applicable u/s 234A or not?

Please clarify.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 September 2014 SECTION 234A: INTEREST FOR DEFAULT IN FURNISHING RETURN OF INCOME Even though the due date of filing of Income Tax Return extended upto 30.11.2014 interest u/s 234A will apply if return is filed after 30.09.2014. See CBDT notification from below link-- https://www.caclubindia.com/news/cbdt-extends-itr-due-date-to-30-11-2014-14397.asp#.VCeyifmSzUs

If Tax Paid on 1st Oct you will have to pay interest u/s 234B.

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