Interest u/s 234a
This query is : Resolved
23 December 2013
In case where original return was not filed on due date and no tax liability was computed when original return was filed for A.Y.11-12. Now notice u/s 147 has been received by the assessee for A.Y. 11-12 where a capital gain transaction has been traced by department and now when assessee is required to furnish return u/s 147 we need to pay tax on the cap gain amount. The question is that for which period interest u/s 234A shall be computed now. Time period of furnishing return has not been expired till date.Will interest u/s 234A will be calculated from the date when original return was filed????? Kindly guide over this issue.
24 December 2013
Dear Neha Ji,
interest in case of reassessment is not governed by 234A(1) but 234A(3). The interest shall be paid only if you don't file return against the notice issued under 148 within the time provided in the notice.
The period of default commences on the date immediately following the expiry of time given by notice u/s 148 or 153A and ends on the date of furnishing of return (or on the date of completion of reassessment u/s 147 or 153A where no return has been furnished). Interest is payable on the amount by which the tax on the total income as reassessed exceeds the tax on the total income determined on the basis of the earlier assessment.
interest in case of reassessment is not governed by 234A(1) but 234A(3). The interest shall be paid only if you don't file return against the notice issued under 148 within the time provided in the notice.
The period of default commences on the date immediately following the expiry of time given by notice u/s 148 or 153A and ends on the date of furnishing of return (or on the date of completion of reassessment u/s 147 or 153A where no return has been furnished). Interest is payable on the amount by which the tax on the total income as reassessed exceeds the tax on the total income determined on the basis of the earlier assessment.
24 December 2013
Thankyou for the reply Mr. Nikhil.
24 December 2013
you are welcome Neha Ji.
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