Interest u/s 234a
This query is : Resolved
15 November 2013
how to calculate interest u/s 234A for individual. return was to be filed by 30/09/2011 but there was default. and we are filing now. so wats the calculation for A.Y. 2012-13.
pls help
15 November 2013
if return is to be filed by 30.09.11 it means you are talking about return of ay.2011-12.For your kind information it can not be filed now last date of filing of the same was 31.03.13
15 November 2013
however, the bar on filing late return beyond 31 March 2013 won't extinguish you liability under 234A. It shall continue till the assessment is made under 144. it shall be for your benefit that you approach the Assessing officer to issue notice under 142(1) and file return in response to the same along with payment of interest under 234A.
15 November 2013
the interest is to be computed at 1% for each month starting from October 2011.
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