Interest u/s 234a
This query is : Resolved
21 June 2013
pl solve the case:
AY 2012-13....DUE DATE OF FILING OF RETURN 31/08/2012....TAX PAYABLE 4990/-......TAX PAID ON 31/08/2012 4995/-.....CREDITED BY NSDL ON 03/09/2012.....RETURN FILED ON 28/02/2013.....WHETHER INTEREST U/S 234A APPLIES?....IF YES, INTEREST FOR HOW MANY MONTHS NEED TO BE PAID....PL HELP
AY 2012-13....DUE DATE OF FILING OF RETURN 31/08/2012....TAX PAYABLE 4990/-......TAX PAID ON 31/08/2012 4995/-.....CREDITED BY NSDL ON 03/09/2012.....RETURN FILED ON 28/02/2013.....WHETHER INTEREST U/S 234A APPLIES?....IF YES, INTEREST FOR HOW MANY MONTHS NEED TO BE PAID....PL HELP
21 June 2013
According to the section 234A interest has to be pay for the late filing of the return @1% p.m or part of the month on self assessment tax paid/payable amount from the first day after due date u/s 139(1) till the date of filing of return of income.
Thus you filed return of income on 28-2-2013 and the due date u/s 139(1) is 31-8-2013 so you have to pay interest for 6 months u/s234A on Rs.4990. I.e interest u/s234A is 4990*6% = Rs.299.
OM SAI SRI SAI JAI JAI SAI
Thus you filed return of income on 28-2-2013 and the due date u/s 139(1) is 31-8-2013 so you have to pay interest for 6 months u/s234A on Rs.4990. I.e interest u/s234A is 4990*6% = Rs.299.
OM SAI SRI SAI JAI JAI SAI
21 June 2013
Yes. Interest u/s.234A apply for 6 months
21 June 2013
but expert,...the tax payable is due not for more than a month......its not due as on 28/02/2013....so shudn't it be levied for 1 month only
21 June 2013
Interest u/s/234A applies for default of filing return u/s.139(1). so your due date of return is 31/08/2012, but you filed on 28/2/2013.so interest applies
21 June 2013
234A doesn't attract. Please refer Supreme court decision in Dr. Prannoy Roy's case reported in 19 DTR 102.
Message likes :
1 times
21 June 2013
Thanks Sir for updating
21 June 2013
1)No interest under Section 234A not applicable to you.
2)Since the tax due had already been paid which was not less than the tax payable on the returned income which was accepted, the question of levy of interest does not arise.
Please refer supreme court decesion on
CIT Vs Pranoy roy
Thanks & regards
Ganesh babu k
2)Since the tax due had already been paid which was not less than the tax payable on the returned income which was accepted, the question of levy of interest does not arise.
Please refer supreme court decesion on
CIT Vs Pranoy roy
Thanks & regards
Ganesh babu k
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- SALE BILL AGAINST GOODS RETURN
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- E way bill for tractors
- Specified Profession
- STCG on ETF gold & silver
- TAN for Partnership
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
