ITR A/Y 2008-09

Dear Mahesh,

TAX PAYABLE

1) INTEREST U/S 234 A - on the amount of tax payable @ 1% per month, begnning 01.08.2009 or 01.10.2009(in case audit was mandatory)

2) INTEREST U/S 234 B & 234 C - will be charged if  ur Advance tax liability i:e tax less TDS exceeds Rs. 5,000 

3) Penalty - Rs. 5,000 may be paid but only upon imposition by AO.

REFUND

1)No interest is payable since it is the case of refund......

2)However, Penalty  - Rs. 5,000 may be imposed if ur Total income exceeds the Exemption limit i:e Return filing was mandatory in ur case.

Mr.Mahesh

agree with Mr.Amir....

please note that return should be filed before 31.03.2010.... compulsorily...