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Interest under sec.234a 234b and 234c

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Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2013 Please Guide me in following Query..I Have Received Intimation under sec.143(1) and Demand Raised due to difference in Interest Calculation..now my query is that Tax paid on sep.2012 and Return filed on dec.2012 which is Belated Return to Guide me for Interest Calculation.under sec.234a 234b and 234c.Return is of A.Y.2012-13

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

29 November 2013 The late filing interest U/s 234A is levied by CPC from the due date of return to the date of filing by ignoring the fact that tax has been deposited in September.
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Whereas U/s 234-B CPC may consider, the Tax deposited in September and can charge interest on shortfall, if any after Sep. 2012.
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In case Income Tax amount has not been changed by the CPC, no further Interest U/s 234C becomes payable.
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