Interst U/s 234C
This query is : Resolved
06 May 2009
Interest rate mentioned u\s 234C(a)(ii) & 234C(b)(ii) is only one percent i.e. it is not mentioned whether 1% per month or anum unlike in 234(a)(i), where it specifically given that 1% per month. In this case how we can interpret? Is there any other circular\notifications etc confirming the above?
06 May 2009
It is monthly. It is given in the books & act also.
06 May 2009
but in the website of the department it is not given.
06 May 2009
Relevant section :
234A. (1) Where the return of income for any assessment year under sub-section (1) or sub-section (4) of section 139, or in response to a notice under sub-section (1) of section 142, is furnished after the due date, or is not furnished, the assessee shall90 be liable to pay simple interest at the rate of 91[one] per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date.
Check this out. You can get this from
http://law.incometaxindia.gov.in/TaxmannDit/DisplayPage/dpage1.aspx?md=2&typ=se&yr=&ch=
234A. (1) Where the return of income for any assessment year under sub-section (1) or sub-section (4) of section 139, or in response to a notice under sub-section (1) of section 142, is furnished after the due date, or is not furnished, the assessee shall90 be liable to pay simple interest at the rate of 91[one] per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date.
Check this out. You can get this from
http://law.incometaxindia.gov.in/TaxmannDit/DisplayPage/dpage1.aspx?md=2&typ=se&yr=&ch=
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