Dear Experts,
As per Section 210 of the Income Tax Act, every assessee whose tax payable after deduction of TDS or TCS exceeds Rs. 10,000 per annum has to pay advance tax on the due dates prescribed by the Act i.e 15 June, 15 Sept, 15 December, 15 March.
In case the assessee fails to deposit one of the instalment before due date and deposited the same 5 days after the due date. Then whether the assessee needs to pay interest along with that installment or the interest gets automatically paid at the time of filing of return of income under section 234C ?
For Example, the assesse was liable to pay Rs. 5,000 on or before 15 June. However he paid the same on 20 June i.e delay of 5 days. At the time of preparation of challan on 20 June (ITNS 280), whether he needs to calculate interest or not? If Yes, then kindly mention the section for such penal interest.
As per my view the assessee need not pay any interest on 20 June. However interest on the same would automatically get charged under section 234C at the time of filing of return of income.
Thanks and Regards,
Dhrunil Bhatt
CAclubindia
