Article assistant
76 Points
Posted on 28 April 2014
S.234A deals with default in furnishing the return of Income
Example: M/s. X ltd. filed income tax return of Rs. 10,000/- on 10th November. Then interest calculated as
actual date for filing returns is 30 th septmbr.
then interest is 10,000 x 1% x 2 months = 200/-.