30 October 2010
respected all expert, can you tell me if i am a individual & supoose i am late to deposit my income tax return.after due date 5 october. than int. is @ 1% but will panelty add my return.plz reply so soon.
30 October 2010
the due date for filing incometax return for the financial year 2009-10 was october 15 th.this is for those individuals who are liable for audit under income tax act.
in case you are liable to audit and the return is not filed within due date ie 15th oct 2010 then penalty can be imposed.
31 October 2010
Hi, Only pay interest on TDS defaulted months .Pernality will be considered if you wait for ITO'asessment .At the time of asessment this matter will be resolved.
01 November 2010
The question as I understand on the face of it is, that interest @ 1% for each month of default in the matter of filing of return is mandated and does it mean that separately penalty is leviable. The interest charged under section 234A is compensatory in nature for the delay in the government receiving your return, which does not include penalty, nor will penalty be levied separately.
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