20 June 2011
IF ANY ONE TELL ME MY CLIENT DEPOSITE THE SELF ASSESSMENT TAX BUT HE FAILED FILED THE INCOME TAX RETURN. WHETHER HE IS LIABLE TO PAY INTEREST(U/S 234A) OR NOT (WHICH SECTION)?
20 June 2011
If your client has paid the entire amount of tax within the due date, then he will not be liable to pay interest u/s 234A. however, he will be liable to pay penalty of Rs.5000 u/s 271F if he fails to furnish return of income u/s 139 before the end of relevant assessment year.
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