Tax Paid in July 09, ITR not filled till now- arising Tax li

YES INTEREST ARISING U/S 234C(I THINK)

no interest liabilty

jus ensure there want any loss to be carried forward in your return..

dats it...

bcoz in that case, u cannot setoff that loss next year...

KAUSTUBH,CAN U XPLAIN HOW WILL THERE BE NO INTEREST LIABILITY?

KAUSTUBH,CAN U XPLAIN HOW WILL THERE BE NO INTEREST LIABILITY?

No interest to be paid,you dont have tax liability to pay interest on that. You can file ITR return within march 2010....

He dont have tax liability to pay interest, on what he will pay interest when he dont have tax liability...

Hi, Mr. Vijay I totally agree with Mr. Balasubramanya, U don,t have to pay any interest u just need to file your return before 31st march 2010 because interest is to be paid on the tax on total income, & in your case you have already paid the total tax.

But just for your reference in case a person has any loss under the head profit from busines then that loss can't be carried forward if the return is not filed within due date.

Thanks & Regards

Hitesh Kumar

 I FULLY AGREE WITH MR. HITESH.

THERE WILL BE NO INTEREST LIABILITY AS THERE IS NO TAX PAYABLE.JUST ENSURE THAT THERE IS NO LOSS UNDER THE HEAD "PROFITS & GAINS FROM BUSINESS OR PROFESSION" COZ U CANNOT CARRY FORWARD THAT LOSS NOW.

FILE RETURN UPTO 31ST MARCH 2010.

I HOPE ABHISHEK HAS GOT HIS ANSWER TOO.

REGARDS,

RITESH KOTHARI

HEY NO NEED TO PAY THE INTEREST BECAUSE U/S 23A IF THERE DUE AMOUNT AND THE RETURN IS NOT FILED BEFORE THE DUE DATE THEN YOU ARE REQUIRED TO PAY THE INTEREST AMOUNT ON THE TAX LIABILITY AS THE AMOUNT IS ALREADY PAID NO NEED TO PAY THE INTEREST.THERE IS A CASE LAW ALSO IN THIS REGARD U/S 234A.

VIJAY YOU SAID THAT YOU PAID YOUR TAX ON 30TH JULY 2009. SO YOU HAD TAX LIABILITY AND YOU PAID IT. BUT YOU FAILED  TO FILE RETURN ON DUE DATE. ACCORDING TO SEC 234 A, BELATED FILING SUFFERS SIMPLE INTEREST OF 1% FOR EVERY MONTH OF DELAY FROM DUE DATE(FRACTION OF DAYS WILL BE CONSIDERED AS MONTHS). 1% INTEREST WILL BE CALCULATED ON TAX ON TOTAL INCOME REDUCED BY ADVANCE TAX AND TDS. THE TAX WHICH YOU PAID ON 30TH JULY IS SELF ASSESSMENT TAX. EVEN THOUGH THERE IS NO TAX LIABILITY ON 30TH JULY,  YOU WILL SUFFER INTEREST UNDER 234 A FOR RS.4880.

No need to pay interest under section 234A when he dont have tax liability, only you will get interest when you have tax liability after july, In which he already paid all the tax amount..SO no need to pay interest 234A also..you can file the return upto march 31st....

 I ACKNOWLEDGE A MISTAKE IN MY REPLY.

INTEREST U/S 234A IS APPLICABLE AND THE AMOUNT OF INTEREST WILL BE @ 1% P.M. OR PART THEREOF ON RS. 4880/- FROM AUGUST 2009 TO THE MONTH OF FILING THE RETURN.

REGARDS,

RITESH KOTHARI

In form 16 which already paid all the tax and if you file the return after july, then you will pay 234A interest, When you dont have tax liability on what your going to pay interest, there is no interest to pay..He laready paid all the tax amount on 30-07-09..only he has to file the returns..that he can file upto march 31st.......