Interest u/s 234A

This query is : Open

barkha (Querist)
Follow

25 February 2009 if return is filled on 02/02/2008 and due date of filing return is 31st July,2007 and Self Assessment Tax is paid on 07/07/2007.For how many months interest u/s 234A will be charged?pls rply its very urgent

Ram Avtar Singh

Ram Avtar Singh (Expert)
Follow

25 February 2009 Due date individual

1st Payment of 30% - 15th September
2nd Payment of 60% - 15th December
3rd Payment of 100% - 15th March

now you interest calculate from 15 march to 7.7.07

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
Follow

25 February 2009 Interest u/s 234A will be charged for 7 months frm August to February.

CA Praveen Chopra

CA Praveen Chopra (Expert)
Follow

25 February 2009 No interest will be charged U/s 234A if the self assessment tax has been deposited before the due date of filing return of income and the return of income is submitted after such due date as held by Delhi High Court in Dr. Prannoy Roy case ( 2003)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

25 February 2009 Mr.Chopra's view is correct because there is no loss of interest to the revenue since the tax is remited well before the cut off date. You can refer the cited case in 254 ITR 755.

barkha

barkha (Querist)
Follow

26 February 2009 But Chopra Sir, here the Self Assessment Tax is paid After the Due Date. then what will happen in this case

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
Follow

26 February 2009 I opined to as per what the law speaks.
But there may be some contrary ruling as per an case law.
But the question arises how can case law can be contrary to the law itself?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now