Interest charged under sec234 a
This query is : Resolved
ALISHA ISHWAR MENGHANI
(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
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.
.
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
(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.
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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