Hello everyone,
If for AY 2017-18 my tax liability is Rs 5000 and due date is 05/08/2017(extended) and I am filling my return on 04/09/2017 then would the interest u/s 234A be levied for 2 months (considering calendar month August and September) or 1 month (considering 05/08/2017 to 04/08/2017)?
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Interest u/s 234A
Replies (2)
for one month only
Interest has to be paid for 2 months. Section 234A(1) reads as follows, " simple interest at the rate of one per cent for every month or PART OF A MONTH". Hence even if you had filled on 01/09/2017 interest has to be paid for 2 months.
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