Interest under Section 234A...

413 views
User Avatar

Student
23693 Points Posted on 21 January 2020
Total Tax Liability : ₹ 1,00,000/-
Due Date of filling Return : 30.09.2019.
Date of filling Return is : 01.10.2019.

My question is will Interest u/s 234A will be levied in this case for 1 day delay ???

If YES , the computation ???

Will it be Rs. 1,00,000 × 1% × 1 = Rs. 1,000 ???

Reply ASAP...
0 Reply Share Follow
On 21 January 2020 at 15:11 Report
Replies (5)
Quick Summary
This discussion clarifies whether interest under Section 234A of the Income Tax Act is applicable for a single day's delay in filing a tax return. The consensus is that even a one-day delay is treated as a part of a month, thus attracting the interest charge. The calculation is confirmed as 1% simple interest on the total tax liability (after deducting TDS and advance tax) for each month or part thereof.

User Avatar

C.A FINAL STUDENT AND QUALIFIED C.M.A
563 Points Posted on 21 January 2020

Yes, your computation is correct.It is 1% simple Interest for every month or part of the month.

Reply
On 21 January 2020 at 16:29
User Avatar

CA
61 Points Posted on 21 January 2020
Yes
The interest under section 234A is payable for a every month or part of month.
i.e one day late filing will considered as one month
accordingly your calculation of interest is correct.
Reply
On 21 January 2020 at 16:49
User Avatar

4 Points Posted on 21 January 2020
Yes right
Reply
On 21 January 2020 at 18:00
User Avatar

18 Points Posted on 21 January 2020
Yes right
Reply
On 21 January 2020 at 19:40
User Avatar

17269 Points Posted on 23 January 2020
It's on total tax liability as reduced by TDS and Advance tax payments.
Reply
On 23 January 2020 at 00:33

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Last Date To Fill ITR For Non-Audit Case
  2. Guidance Required on Filing Fresh Registration und
  3. IT Return Refund Status AY 2026-27
  4. Clarification Regarding Income Tax Demand Notice
  5. Online PAN Download: Check How?
  6. Demand of Late fee/Interest under section 75 of GS
  7. DSC registration on TRACES portal
  8. Can we get registered for MCA if we get a Virtual
  9. DONATION PAYMENT REG
  10. GST IDS Refund – Statement 01A: Invoice Not

More recent discussions | Post

Related Topics :

Loading