Determination of tax

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T.M.Prabu

T.M.Prabu (Querist)
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28 November 2012

Dear sir,

whether or not attract interest on late furnishing the return of income in the following case?

A individual is not submitting the return of income for the assessment year 2011 - 12 in the assessment year 2012 - 13.

V K Bajaj

V K Bajaj (Expert)
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29 November 2012 YES! Interest is there.

You should have informed the amount of tax due in order to know the correct and complete reply.

Anyhow, interest under section 234A would be there even if tax liability is Rs. 100.

Interest u/s 234B and 234C depends upon the amount of tax liability.