Late return filing

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2013 if a person having income from business and profession, failed to file his return upto 31st July
What is penalty or interest or both, for him, for non-filing of return on time ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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29 July 2013 Interest is payable on the tax amount. Penalty is generally not levied. So, file the return within a reasonable time.
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Non filing of return in time is equivalent
to filing return not in time. Interest U/s 234A is levied @ 1% on tax payable. In case of TDS is deducted and refund is due no interest is charged.
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