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.
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.
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 )
CAclubindia
