Dear Sirs,
Kindly solve the following queries:
1) Will interest be given by Tax authorities if an I.Tax Return having REFUND is filed after due date? or is it given only if the return is filed within due date?
2) For what period (from what date to which date) is the interest provided?
3)What is the rate of Interest provided?
Pl reply
Thank you
1) You will get interest though you file late return
2) from the date you file return to date of procedure
3) i think it is 0.5% or 1% (not sure)
| Originally posted by : Siddharth Bumb | ||
 |
1) You will get interest though you file late return 2) from the date you file return to date of procedure 3) i think it is 0.5% or 1% (not sure) |
 |
It is 0.5%
Dear friend,
I am a retired banker sine 1-11-2007. I did not opt for pension at the time the pension scheme was introduced in Banks. Hence I was getting only interest on the deposits made in Bank upto 31-10-2010. When the Pension Scheme was reintroduced in 2010 w.e.f. 26-09-2009 I received arrears of pension from that day resulting in the total income to over 4 lakh. Due to some discrepacies a TDS on pension for February 2011 was refunded late by a month resulting in late payment of tax and late filing of IT return. Now I have a doubt in making payment of tax for the Assessment Year 2012-13 for which I furnish the details below:
Date of Birth 26-10-1947 Total Interest Income (Interest on FDRs 1-4-2011 to 31-3-2012) Rs.216485/- Total Pension for 12 months from April 2011 to March 2012 Rs.202275/- Eligible Deductions: 1) Life Insurance premium (Whole life-Annual premium) Rs.50000/- Investment in Tax Saver MF Rs.50000/- Longterm infrastructure Bond (80ccf) Rs.20000/-.
From the above I want to know the Tax liability for the FY 2011-12/AY 2012-13 along with the total interest according to 234abc.
Kindly help.
V.SANKARAN
CAclubindia
