Income Tax Return
This query is : Resolved
29 July 2010
Dear Sirs,
x is a individual person who pay his I.T. for assesment year 2010-11 on 30th July 2010 but he did nt file his return on 31st july then what will be interest and penality for the same ??
Thanks
Krishna
x is a individual person who pay his I.T. for assesment year 2010-11 on 30th July 2010 but he did nt file his return on 31st july then what will be interest and penality for the same ??
Thanks
Krishna
29 July 2010
There is no penalty.
Even though tax was paid on 30th July, interest u/s 234A @ 1% per month will be applicable from 1st April till the date return is actually filed.
Even though tax was paid on 30th July, interest u/s 234A @ 1% per month will be applicable from 1st April till the date return is actually filed.
29 July 2010
agreed
29 July 2010
No interest.but penalty u/s 271F of I. T.Act,1961 if return is not filed on or before 31-03-2011.
29 July 2010
Difference of opinion with the Experts
no interest as per decision of SC judgement in the case of CIT vs Dr. PRANNOY RAO(2009) 179 TAXMAN 53(SC)
no interest as per decision of SC judgement in the case of CIT vs Dr. PRANNOY RAO(2009) 179 TAXMAN 53(SC)
29 July 2010
Interest u/s 234A is for default in furnishing the return of Income and not for default in payment of taxes.
As there is a default in furnishing the return, interest u/s 234A should be applicable. However the aforementioned Supreme Court ruling states otherwise.
As there is a default in furnishing the return, interest u/s 234A should be applicable. However the aforementioned Supreme Court ruling states otherwise.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- Not a CA , can we prepare balance sheet
- TCS ON SOFTWARE SALES
- SHARE TRANSFER PRIVATE LIMITED COMPANY
- Car Purchases in Daughter Name
- Invoicing in different currency
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- GST RCM not shown in GSTR-3B
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
