PENALITY FOR LATE PAYMENT OF TAX

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mayur (Querist)
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24 June 2010 WHICH PROVISION OF IT SHOULD BE APPLY ON LATE PAYMENT OF INCOME TAX OR NON PAYMENT WETHER RETURN IS TO BE FILLED.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 June 2010 Pl see sections 221(1) and 271F of the Income tax Act,1961.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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24 June 2010 Agreed with Chackrapani ji.

Section 221 (1) : Penalty for tax default
Section 271 F : Penalty for late filing of return.

CA Saurabh Shukla

CA Saurabh Shukla (Expert)
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24 June 2010 From both of expert I want to ask whether we not required to consider Sec. 234 A,B & C.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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24 June 2010 Interest is calculated u/s 234A/B/C for delay in payment of taxes and penalty is levied u/s 221 for default in payment of taxes and 271F for late filing of return

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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25 June 2010 SUBJECT OF QUESTION IS REGARDING PENALTY ONLY, HENCE WE HAVE MENTIONED PENALTY SECTION.
INTEREST U/S 234A/B/C IS OBVIOUSLY CHARGED ON LATE PAYMENT OF TAXES AND LATE FILING OF RETURN.

mayur

mayur (Querist)
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25 June 2010 sir,
234A for int. for default in furnishing return of income
234B for int. for defaults in payment ofadvance tax
234C for int. for defferment of advanc tax.
whether these section covered consequence for default in payment of self assesment tax?
if income is fully disclosed in return and return is filled in due date but there is default made in assesment of tax and tax show in return less than original.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 June 2010 Yes these section are due to delay in payment of taxes and are leviable.

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