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Interest charged under sec234 a

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(Querist)
16 December 2013 whether interest is charged if income exceeds Rs500000,the income tax return on due date is submitted as paper return to department.suggest
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
16 December 2013 When Total Income exceeds Rs 500000/- but there is no TDS on his a/c and advance tax has not been paid by the assessee, he is liable to pay interest U/s 234B and U/s 234C .
When tax liability of assessee exceeds Rs 10000/ he has to pay advance tax.
.
Section 234-A is not applicable if the return is filed on or before the due date and after paying the Self Assessment Tax.
234-B and 234-C are applicable.
.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
16 December 2013 Dear Alisha,

I am not sure about 234A right now given that you have filed paper return whereas proviso (a) to Rule 12(3) provide for online filing of return in case income exceeds Rs 5 lakhs. So in nutshell your return is non-est.

So now if you file the return online, 234A will trigger in.

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