Dear All Future or present CA
I am confused while computation of Income for the A.Y 2012-13 .
I m preparing ITR of an assessee and the total computed Income tax payable is 2500/- .
Is there any interest in addition to that in any provisions(please let me know) ?
Thanks & regards
karan
INTEREST UNDER SEC.234A Applicable
(1) Where the return of income for any assessment year under sub-section (1) or sub-section (4) of section 139, or in response to a notice under sub-section (1) of section 142, is furnished after the due date, or is not furnished, the assessee shall66 be liable to pay simple interest at the rate of 67[one] per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date AND-
(a) where the return is furnished after the due date, ending on the date of furnishing of the return; or
(b) where no return has been furnished, ending on the date of completion of the assessment under section 144,
68[on the amount of the tax on the total income as determined under sub-section (1) of section 143, and where a regular assessment is made, on the amount of the tax on the total income determined under regular assessment, as reduced by the amount of,—
(i) advance tax, if any, paid;
(ii) any tax deducted or collected at source;
(iii) any relief of tax allowed under section 90 on account of tax paid in a country outside India;
(iv) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section;
(v) any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax paid in a country outside India; and
(vi) any tax credit allowed to be set off in accordance with the provisions of section 115JAA 68a[or section 115JD].]
CAclubindia
