matter of late payment

This query is : Resolved

Guest

Guest (Querist)

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.

regards
raj

vishnu prasad prabhu

vishnu prasad prabhu (Expert)
Follow

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.

O.D.SHARMA

O.D.SHARMA (Expert)
Follow

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.

Upgrade to CAclubindia Pro. Subscribe Now!

venkatraman shrinivas

venkatraman shrinivas (Expert)
Follow

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.