Individual IT return

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student
498 Points Posted on 29 July 2021
Dear friends

I heard that the due date for filing income tax return for individuals is extended up-to 30 September.

However please let me know if interest under 234A 234B 234C will be leviable if you don't file the return within 31july
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On 29 July 2021 at 15:02 Report
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Quick Summary
The due date for filing individual income tax returns has been extended to 30th September. However, interest under sections 234A, 234B, and 234C may still be applicable if the return is filed after 31st July and the net tax payable exceeds £1 lakh. Net tax payable is defined as the tax due after deducting all credits and adjustments from the total tax liability.

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CMA
13117 Points Posted on 29 July 2021

Yes, the due date has been extended up to 30th Sep 2021.

Interest will be levied if filed after 31st July where the net tax payable is >1 lac.

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On 29 July 2021 at 15:08
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student
498 Points Posted on 29 July 2021
OK net tax payable means it is self assessment tax.
am I correct
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On 29 July 2021 at 15:11
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CMA
13117 Points Posted on 29 July 2021

Net tax payable is the tax that is due after adjusting advance tax, self assessment tax, TDS/TCS credits, relief, rebate etc from the tax liability.

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On 29 July 2021 at 15:13
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Chartered Accountant
24588 Points Posted on 29 July 2021
Net tax is the tax payable after adjusting advance tax, self assessment tax etc
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On 29 July 2021 at 18:38
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student
498 Points Posted on 29 July 2021
@ cma poornima

@ Sourav

Thank you very much
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On 29 July 2021 at 18:52
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Chartered Accountant
24588 Points Posted on 30 July 2021
Your welcome
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On 30 July 2021 at 06:10

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