Section 234 A - income tax

ITR 488 views 9 replies

hi sir,
I have filed my income tax return after due date I.e., 31/03/2017 but due date for filing return is 07/08/2016 date of payment of tax 07/11/2016.
Then please tell me the due date for calculating interest U/S 234 A whether it is up to date of payment of tax or date of return.
please guide...

Replies (9)

interest  depends upon your tax liability and daily for payment that tax 

 

as per my opinion interest have to calculate upto 31.03.2017.

INTEREST WIILL BE CALCULATE FORM DUE DATE OF ITR (07/08/2016)  TO PAY FULL AND FINAL I.T. (7.11.2016) U/S 234 A,,

Agree with Mukesh 

Under section 234A, you are penalised only when the return is filed after the due date which is 31st of July of the AY. Ex: Due Date for Assessment Year 2016-2017 or Financial Year 2015-2016  was 5 Aug 2016. If you file your returns after due date, then under Section 234A you are liable to pay 1% simple interest per month on the balance tax payable, applicable from the month of August of the AY till the month return is filed.

u can read this attacment

u can also test in income tax java utility by entering the data into it,it will clear your concept.thanks

Agree with Sagar

 

As per section 234A of Income Tax Act 1961 Interest on non-filing return is levied from the actual DUE date of filing to till the ACTUAL DATE of filing. For the purpose of this even whole or part of a month is considered as whole month).

The interest will be a simple interest @ 1% per month on the balance tax payable.

So here you have to pay an interest of Rs.(Balance Tax Payable) * 1% * No. of months from Due date of filing to ACTUAL DATE of filing.


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