INTEREST U/S 234 A IN AY 20 21..

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24 Points Posted on 29 November 2020

DEAR PROFESSIONALS,

 

WHILE FILING ITR FOR AY 20 21 OF A CITIZEN AGED 60 ABOVE , I AM GETTING INTEREST U/S 234 A, IT IS APPLICABLE IF WE FILE BEYONG DUE DATE, BUT AT PRESENT GOVT HAS EXTENDED THE DUE DATE. SO WHY THIS INTEREST IS LEVIED??

PLSEASE DO COMMENT WITH REASON.

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On 29 November 2020 at 18:03 Report
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Quick Summary
This discussion clarifies the applicability of Interest U/S 234A for the Assessment Year 20-21. Even though the filing due date was extended, interest is levied if the tax liability exceeds £1 lakh and is paid after the original due date of 31st July. A CBDT circular from June 2020 mandates this for taxpayers with a tax liability above this threshold.

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116 Points Posted on 29 November 2020
234A is applicable as per CBDT circular, time is extended for filing return , but 234A will be calculated after due date as per 139 of income tax act
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On 29 November 2020 at 18:38
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58 Points Posted on 30 November 2020
Hi shobhit

Download the lastest java utility to file itr.
it will definitely solve your problem
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On 30 November 2020 at 00:25
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24 Points Posted on 30 November 2020

I HAVE GOT THE ANSWER, THERE WAS A NOTIFICATION IN JUNE 20, THAT THOSE HAVING TAX LIABILITY ABOVE 1 LAKHS WILL HAVE TO DEPOSITE TAX BEFORE 31 JULY, AS I HAVE TO PAY TAX OF RS 117000 THAT TOO AFTER 31 JULY. SO THEY ARE CHARGING INTEREST 

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On 30 November 2020 at 21:17

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