15 August 2015
MY FRIEND DOING CONSTRUCTION BUSINESS. HIS TURNOVER IS 1,02,56,231.00 IN THE A.Y 2014-15 AND TDS 1,02,562.00.SO, TAX AUDIT APPLICABLE. HE WAS NOT FILED HIS IT RETURN TILL DATE. WHEN I FILED HIS COMPUTATION AFTER DEDUCTING C.Y TAX, HE HAD CLAIMED HIS REFUND UP TO 45,023.00.
MY QUERY IS, HE IS LIABLE FOR LATE FILING TO PAY PENALITY U/s 234A OR ANY OTHER SECTION
16 August 2015
If I understand that these are the only facts, there should not be any 234A, as the TDS is covering the entire tax liability in your case. Even 234B and 234C will not come into picture. Based on the 2 figures shared by you.
CAclubindia
