E.g- A person paid his self assessment tax in sept of AY and filed the return in march of AY to avoid sec 234A. He paid self assessment tax on the basis of his own assumption. He has not paid any adv tax. What would be the final effect on his return ?
Self assessment tax, advance tax, return and sec 234a
Replies (5)
Your query is not clear.
234A is payable on the delay in filing of return from the first day of the asst year to the date of filing of return - on the amt of shortfall in tax.
Effect on the Return :
1. Sec 234A will be applicable as the return was not filled within the mandatory period u/s 139(1) (i.e; Sept).
2. Sec 234 B - if the advance tax has paid less than 90% of the self assessment tax by the assessee then it will be applicable.
3. Sec 234 C - If the advance tax is not paid in installment basis then it will be applicable.
Interest unders section 234A is applicable on the due amount only. Therefore if self assessment tax is paid before due date of filing return then no interest is payable.
For more information you can visit - Interest and Penalties
I agree with prateek
sat should only be paid after end of fy
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