undisclosed (software engg) (51 Points)
21 July 2012I didn't paid IT (35%) for last FY.
While filing the IT return, excel utility is showing interest to be paid under 234b and 234c section.
I would like to know if I can make interest component zero and pay remaining IT as I am filing it in time?
Roshan Thomas
(C.E.O )
(356 Points)
Replied 21 July 2012
no you cannot skip interest. Even if you make it zero in the return you will sebsequently get a notice requiring you to pay the balance amount
Devendra Singh
(Chartered Accountant)
(487 Points)
Replied 22 July 2012
See practically if the interest component is very small, say below Rs.100 then you can escape it by simple manipulations and even the IT department doesnt bother in collecting such a small amount by sending demand notices etc...but if the amount is bigger, then there is no way to escape because the interest component is adjusted first in the amount that you will deposit as total tax....and they will send you further notice to deposit the remaining amount that you had not deposited as interest.
CAclubindia
