Savings bank interest


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Querist : Anonymous

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Querist : Anonymous (Querist)
25 May 2016 Did not add savings bank interest while filing IT return for FY, 14-15,

If I submit a revised return with Savings Bank interest added now, will there be penalty, if yes how much.

if there is some tax liability after adding the savings bank interest after deduction of 10000 on account to 80TTA, If I pay the remaining tax , what other penalties would be there apart from interest on account of 234A

25 May 2016 No penalty will be levied on you but interest on tax as aplicable under 234A,23B,234C would be applicable

Rupesh Jain (Expert)
25 May 2016 penality not levied only intt. you have to deposit. u/s 234A. 234B& 234C

25 May 2016 If a return is revised under section 139(5), interest under section 234A cannot be levied on differential tax.


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Querist : Anonymous

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Querist : Anonymous (Querist)
25 May 2016 so does it means only I have to pay 234B and 234C interest and not 23A ?

28 May 2016 yes. only 234a and 234b will b applicable. please note that 234a in for not filing of income tax return within due date.


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