23 February 2012
sir, one of my assessee whose return of A.Y.-2011-12 efiling (ITR-4)u/s 44AD. it's details is: turnover44,63,271 and profit 3,55,041,so that income tax paid before due date-RS.17246(30/07/2011) and return efiling date is 03/09/2011... now as per intimation u/s 143(1) say that pay interest u/s 234A, 234B and 234C so my assessee is liable to pay interest?
23 February 2012
sir, one of my assessee whose return of A.Y.-2011-12 efiling (ITR-4)u/s 44AD. it's details is: turnover44,63,271 and profit 3,55,041,so that income tax paid before due date-RS.17246(30/07/2011) and return efiling date is 03/09/2011... now as per intimation u/s 143(1) say that pay interest u/s 234A, 234B and 234C so my assessee is liable to pay interest?
23 February 2012
Interest U/s 234A is payable for delay in filing of IT returns. This interest is calculated on the tax payable after deducting TDS, advance tax etc.,. Self assessment tax paid u/s 140A is not allowable as deduction from tax payable for the purpose of calculation of interest u/s 234A. Hence, the demand of dept. is correct.
23 February 2012
As per 44AD ,8% has to be opted. It comes to Rs. 357,062/- as against that,the profit shown by you is Rs.355,041/- What is the reason for the difference?
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