interest on late income tex return fill.

This query is : Resolved

Guest

Guest (Querist)

04 September 2010 good morning to all of you,
plz tell me income tax fill return last date is 31 july,30 september.now plz tell me if i late to fill income tex return & i fill on 5 august then sir any interest or panelty will i paid with income tex return.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 September 2010 If tax is payable, delay in filing return will attract interest under section 234A. Interest rate is 1 % for every month or part of a month from the date immediately following the due date to the date of furnishing the return of income.
Levy of penalty can be determined only if the assessment year to which the belated return relates is made known.

CMA Chandan Singh

CMA Chandan Singh (Expert)
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04 September 2010 1% per month or part of month. (commencing on the date immediately following the due date of filing)

Nayan Das

Nayan Das (Expert)
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09 May 2011 Interest rate is 1 % for every month or part of a month from the date immediately following the due date to the date of furnishing the return of income

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