Can you please clarify if we need to pay 234 A Interest even if we file the return within the due date u/s 139 (1) and self assessment tax is not paid within the due date
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Clarification required
Replies (2)
No u dnt have to pay interest u/s 234A if return filed within due date.
Sec 234A interest only deals in delay in filing of return
As per sec 234A
Where the return of income for any Assessment year is furnished after the due date specified in section 139(1) or is not furnished the assessee shall be liable to pay simple Interest @ 1% for every month or part of a month
Section 139(1) specifies due dates for filing voluntary returns of a company, a person (other than a company), or any other assessee.
The interest shall be payable for the period commencing from the date immediately following the due date and -
(1) Where the return is furnished after due date, ending on the date of furnishing the return; or
(2) Where no return has been furnished, ending on the date of completion of Assessment u/s 144. (Best Judge Assessment)
234A interest is applicable only if Return is not filed u/s 139(1). If filed withing due date 234A is not applicable.
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