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Interest on income

Others 520 views 5 replies

venkat

Accountant

222 Points Posted on 01 December 2011

Dear all,

Yesterday(nov 30) I have calculated interest on income tax and paid tax and interest thereon. But not filed IT return 4. I am going to file my return after 2 days.(december 3).Shall I have to pay interest for december month. If yes how many days shall I take.For total december month(31days) or difference of 30th november to 3rd december(days).

Please advice as soon as possible.

Thanks to all

venkat

Replies (5)

C.A. Sandeep Wawhal

CA PGDFM BCom

1831 Points Posted on 01 December 2011

Interest on Income Tax is calculated on monthly basis and hence you have to calculate up to 31st december

CA. Kunal Lakhotia

ACA

1006 Points Posted on 01 December 2011

No need to pay interest for Dec as no tax is PAYABLE after 30th Nov.

you can file your return without paying extra interest charges for this month

Ajay lohia

21 Points Posted on 01 December 2011

i not agree with mr. kunal

Mohit Jangid

Article

141 Points Posted on 01 December 2011

interest u/s 234A is required to be paidby you for whole month of december as there is delay is filing of return...

if u would have paid whole of the self assessment tax prior to 31/7/11 or 30/09/2011 as the case may be..no interest would have been levied on you as per superme court in case of cit v. dr. prannoy roy

Guest

Originally posted by : Mohit Jangid
	interest u/s 234A is required to be paidby you for whole month of december as there is delay is filing of return... if u would have paid whole of the self assessment tax prior to 31/7/11 or 30/09/2011 as the case may be..no interest would have been levied on you as per superme court in case of cit v. dr. prannoy roy