Interest calculation and penalty on tax for for f.y 2011-12

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This query is : Resolved

Varsha Khemka (Querist)

08 September 2014 Dear Concern,

My query is that if I have filed a revised return for F.Y 2011-12 on 26.10.2013 with tax payable of around 4.50 lac which is yet not paid till date. Now if the company wants to pay the same, what would be the interest and penalty applicable on the same?

Awaiting for a early response by experts.

Thanks,
Varsha

CA Mohit Bansal

CA Mohit Bansal (Expert)

08 September 2014 Ms. Varsha,

The interest on tax would be applicable from he date of filing of original return and not from the date of filing of revised return

Varsha Khemka

Varsha Khemka (Querist)

08 September 2014 Tax as per original return was Nil.
In revised return, tax is calculated on MAT basis.Further the amount of Rs 4.50 includes interest u/s 234A/B/C.

So now, if interest is charged u/s 234A/b/c, then will the return again be revised?

Any other penalty or interest applicable?

CA Mohit Bansal

CA Mohit Bansal (Expert)

08 September 2014 Yes you have to revise the return. no other penalty would be leviable

CA SUNIL K GARG

CA SUNIL K GARG (Expert)

08 September 2014 ACCORDING TO ME , PLS REFER TO SEC 139 (9), YOUR RETURN IS DEFECTIVE RETURN AND WITHOUT PAYMENT OF TAX , IT WILL DEEMED AS NEVER FILED . THE ONLY REMEDY IS , IF THE AO ISSUES A NOTICE , SPECIFYING THE DEFECT , THEN YOU CAN FILE THE RETURN WITH TAX AND INTT. AND IT WILL BE TREATED AS BELATED RETURN .

Varsha Khemka

Varsha Khemka (Querist)

08 September 2014 What if the client has received no notice till date and wants to pay the same suo moto?

CA SUNIL K GARG

CA SUNIL K GARG (Expert)

08 September 2014 PLS GO THROUGH SEC 139 (9) . AND THAN GIVE ME A MESSAGE

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