Int u/s 234C
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2010
Hi
Return for FY08 _09 was filed for a salaried employee. There was a very small portion on other income for which self assessment tax was paid at the time of filing of return without paying int u/s 234C.
Should the return be revised or shud be left for assessment. Also, if revision shud be done then, what is the period for which interest shud be paid.
The amount is insignificant in comparision to total income tax paid.
Return for FY08 _09 was filed for a salaried employee. There was a very small portion on other income for which self assessment tax was paid at the time of filing of return without paying int u/s 234C.
Should the return be revised or shud be left for assessment. Also, if revision shud be done then, what is the period for which interest shud be paid.
The amount is insignificant in comparision to total income tax paid.
26 July 2010
No need to revise return. You will receive an intimation under section 143(1) with a demand for the said interest, and if the calculation is correct pay the demand raised by the department.
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26 July 2010
If the self assessment tax paid was less than Rs. 5,000 interest u/s 234C is not applicable. However, if return was filed belated, then interest u/s 234A will be applicable, irrespective of the amount of self assessment tax.
As per what is stated above, if interest u/s 234C is applicable, considering the fact that the amount paid it very insignificant, it would be better to leave it for the assessment rather than filing a revised return. On assessment a demand notice u/s 156 will be issued & the assessee will be asked to pay the interest portion only.
As per what is stated above, if interest u/s 234C is applicable, considering the fact that the amount paid it very insignificant, it would be better to leave it for the assessment rather than filing a revised return. On assessment a demand notice u/s 156 will be issued & the assessee will be asked to pay the interest portion only.
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26 July 2010
Agree with suggestion of Warrier Sir. Wait for 143(1), no need to revise return.
Further Assessee is liable for payment of advance tax if his Tax liability exceeds Rs. 10,000/- and not Rs.5000/-
Further Assessee is liable for payment of advance tax if his Tax liability exceeds Rs. 10,000/- and not Rs.5000/-
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27 July 2010
Mr. Gupta, The above case relates to FY 2008-09 when the assessee was liable to pay advance tax if tax liability exceeded Rs. 5,000. The limit was increased to Rs. 10,000 wef 1st April 2009.
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27 July 2010
Pradeep ji Thanks for Correction.
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