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Itr 3

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 October 2014 Dear Sir,
In case of a firm whose accounts are audited u/s 44AB, if the partners of that firm files their individual return in Oct 2014. Then they have to pay interest u/s 234A @ 3% ie for Aug, Sep, Oct.
or
They have to pay only for Oct 2014 @1%

I am asking it becasue itr 3 utility is calculation only Rs. 47 interest on the Income tax of Rs. 4700/-.

Please clarify.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
08 October 2014 interest shall be calculated for one month only.
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