Interest u/s 243a

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 If the self assessment tax is paid duly before the due date for filing the income tax return and if the return is filed belated u/s 139(4) can interest u/s 234A be charged by the income tax deptt. And if so how to pay it? Through chalan or do we need to file any particular form with the IT deptt.?

Thanks

CA Prashant Gupta

CA Prashant Gupta (Expert)
Follow

07 August 2013 if you have paid full tax by self assessment tax u/s 140A then there will be no interest
CIT v. Dr Prannoy Roy (2009)179 Taxman 53 (SC).

BUT if you still need to pay tax then you will be charged interest. no deduction of tax paid u/s 140A will be allowed as section don't allow this.

Message likes : 3 times

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2013 Thank you very much sir for your advise. But if the notice is sent by the Department for payment of interest u/s 234A how to deal with it? Is there any particular or prescribed form for the same to reply?

Upgrade to CAclubindia Pro. Subscribe Now!