Interest for late filling returns

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2012 Dear Sir/Madam,

please get me the details that is their any interest charges for the filling the income tax for salaried person for the A.y.12-13.

Thanks & Regard
Prasad.

Hemant Kumar

Hemant Kumar (Expert)
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22 September 2012 Interest u/s 234A:If there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C.Means this interest is applicable only if there is any tax payable in your return.

CA Lokesh Pokharna

CA Lokesh Pokharna (Expert)
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22 September 2012 Yes last date has been expired hence interest liability will arise ....

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Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2012 Thanks for the details.

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2012 Dear Lokesh sir,

can i known from when the interest is applicable. Is it from March 2012 or August 2012 and rate of interest will be 1% right sir.