Interest liability

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Nitesh Jhawar (Querist)
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25 August 2014 an assessee has filed return before due date in assessment year 2013-14 and show tax liability of rs. 3000. he didn't paid tax till now and also didn't sent ITRV till now. he want to pay tax now. Is he liable to pay any interest, if yes under which section and what will be rate of interest and further consequences. pleases suggest as soon as possible.

CA Rinkal

CA Rinkal (Expert)
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25 August 2014 Dear

The reply to this question is YES

but you need to pay tax + interest and the same is covered under section 234A

Penalty may be opposed..

- as the return is not being send to the CPC, and if the four month time being lapse, then the return will consider as NULL and VOID, you need to file revised return and for that you have to pay penalty for late filing of return as there is tax liability.