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 ??
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)
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.
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