It nil return ( itr - 1 )

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This query is : Resolved

yogini (Querist)

03 September 2011 As per If ITR -1 not filed on due date it attract Interest @1% pm,

but suppose if it is NIL Return then is it required to pay interst ?

CA Ganpat Naik

CA Ganpat Naik (Expert)

03 September 2011 no interest, but needs to file return

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Yogesh Agarwal

Yogesh Agarwal (Expert)

03 September 2011 In order to levy interest there must be some underlying amount for the purpose of computing interest. So when there is a case of nil return means there is no tax base for calculating interest.

So go ahead!!

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yogini

yogini (Querist)

03 September 2011 this for Nil return , If suppose in case assessee paid tax liability but delay in filing return , is it is chargeable interest ?

Yogesh Agarwal

Yogesh Agarwal (Expert)

03 September 2011 Yes in that case interest will be levied u/s 234A since this is with regard to delay in filing of return by due date. The due date of filing of return in your case seems to be 31st July. So for every month @1% will be levied.

yogini

yogini (Querist)

05 September 2011 But sir if tax fully paid , on which amt interest will be calculate ? ( I seen in books Interest calculated only on Balance tax liability )

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