12 October 2010
Dear Sir, I am filling return of income for the previous year 2008-09.Kindly let me know that in what rate of interest u/s 234A will be charged. Secondly, Is there is any penalty for non filling of the return of income? Thanks
12 October 2010
1.Interest under section 234 A is leviable from the next day of due date to the date of filing the return. The rate of interest is 1% per month or part of a month's comprised in the period of delay. 2.Since the assessment year relevant to the previous year 2008-09 ends on 31/3/2010 and the return is again belated from that date, 271F penalty can be levied.
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