Interest applicable for late filing of returns

This query is : Resolved

Raghu Ram V.V (Querist)
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29 March 2013 Sir/ Madam,

Pls provide me how to caluculate the interest for late filing of it return for A.Y.2011-12, in the case of individual non-corporate assessee.

Pls provide me with an illustration

Thanks in advance

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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29 March 2013 If such individual doesn't have any tax payment liability or doens't have any tax payment as self assessment tax then interest will not be attracts for late filing of IT return.

However there are 3 sections which attracts interest liability

section 234A: Under this section interest shall be pay @1% per month or part of the month(i.e part period of the month shall be considered as a full month) for the late filing period on self assessment tax paid or payable.

Secction 234B: This section attracts only at the time of assessee has advance tax payment liability but not paid atleast 90% of the total tax liability as on the last day of financial year ending i.e 31St March. According to this section interest will be paid @1%per month or part of the month on the self assessment tax payable amount from 1st April to the date/month of the actual payment of selfassessment tax paid.

Section 234C: This section attracts onle at the time of assessee has advance tax payment liability but not paid or short paid than required to pay as on the due dates prescribed to pay advance tax under this section. According to this section interest will be paid @1% per month or part of the month on the non paid or shor paid amount to the date of difference amount paid or 31st March of that concer year which is earlier.

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