Late filing of interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 March 2013
sir/medam
how to calculat interest of late filing of income tax return of AY 2011-12.
plz give me caclub member with illastration.
how to calculat interest of late filing of income tax return of AY 2011-12.
plz give me caclub member with illastration.
Dintakurthi Tirumala
(Expert)
07 March 2013
Interest has to pay under three sections namely 234A,234B & 234C
Sections explanation:
Section 234A : It applicable to all. It came into force if the return of income not filed with in the due date specified in u/s 139(1). According to this section interest @1% p.m or part of the month has to pay on self assessment tax payable/paid from the immediate next month of the due date completed till the return filing month.
Section 234B : It applies to who are liable for advance tax but not paid or paid less than 90% of the tax liability upto the completion of the financial year of such current year. According to this section interest has to pay @1% p.m or part of the month from the month of April till the month of such balance tax payable paid.
Section 234C : It applies to who are liable for advance tax but not paid or paid short amount of advance tax than required to pay as on the due dates specified for the advance tax payment.
For clear illustration and better explanation please provide your email ID i will mail you in excel format because here it could not be visuable clear as well as there is different type of situations to have clear idea about the interest applicable sections.
OM SAI SRI SAI JAI JAI SAI
Sections explanation:
Section 234A : It applicable to all. It came into force if the return of income not filed with in the due date specified in u/s 139(1). According to this section interest @1% p.m or part of the month has to pay on self assessment tax payable/paid from the immediate next month of the due date completed till the return filing month.
Section 234B : It applies to who are liable for advance tax but not paid or paid less than 90% of the tax liability upto the completion of the financial year of such current year. According to this section interest has to pay @1% p.m or part of the month from the month of April till the month of such balance tax payable paid.
Section 234C : It applies to who are liable for advance tax but not paid or paid short amount of advance tax than required to pay as on the due dates specified for the advance tax payment.
For clear illustration and better explanation please provide your email ID i will mail you in excel format because here it could not be visuable clear as well as there is different type of situations to have clear idea about the interest applicable sections.
OM SAI SRI SAI JAI JAI SAI
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