Itr

This query is : Resolved

Guest

Guest (Querist)

15 August 2013 Suppose my income is from salary, my TDS has been deducted by my employer and same has been paid. return also has been filed for the same.
The last date for filing ITR for individuals for AY 13-14 was 5th august,2013.
If i file my return after that date, will i be liable for paying interest u/s 234A...????
If yes then suppose after making computation, i am liable for refund, then what will be the consequences....even i filled the return lately..???

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 August 2013 Incase all the taxes paid before due date and return filed after due date, sec.234A will not apply

refer: CIT vs Pranoy Roy case law

Guest

Guest (Querist)

15 August 2013 Suppose my employer has not paid taxes and has not filled return yet, then do i have to be liable for interest...???

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 August 2013 Yes. Incase tax liability is there then sec.234A will apply

Guest

Guest (Querist)

15 August 2013 Suppose i have my business income. i am not paying tax and even not filing return for the same. what will be the consequences..?? please explain

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 August 2013 Non filling of Income tax return will attract basically Rs.5000 penalty u/s.271F

Non payment of tax will attract penalty u/s.140A(3) and 221(1) as minimum amount decided by A.O and maximum penalty may be equal to tax liability