Interest u/s 234a
This query is : Resolved
kalaivani.c
(Querist)
24 December 2013
Sir,
Section 234A is charged for delay in late filing of return of income.My Question is if any tax refund as on 31.03.2013 and return filed on 31.12.2013 is it this section will apply or not?
Section 234A is charged for delay in late filing of return of income.My Question is if any tax refund as on 31.03.2013 and return filed on 31.12.2013 is it this section will apply or not?
Manish Bhandari
(Expert)
24 December 2013
No 234A is for tax payable after deduction of Adv Tax, TDS,Releif U/s 90 & MAT.
Ganeshbabu K
(Expert)
24 December 2013
No, 234A will applicable if there is no tax payable
Refer Dr. Pronnoy Roy & Anr. v. CIT, 254 ITR 755
.
.
Levy of interest u/s.234A was compensatory in character and was introduced for compensating the Government for the loss of revenue and as in the assessee’s case there was no loss of revenue, on payment by the assessee, no compensation was due to the Government.
.
.
Refer Dr. Pronnoy Roy & Anr. v. CIT, 254 ITR 755
.
.
Levy of interest u/s.234A was compensatory in character and was introduced for compensating the Government for the loss of revenue and as in the assessee’s case there was no loss of revenue, on payment by the assessee, no compensation was due to the Government.
.
.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
