13 November 2010
My client has filed return on 30-09-2009. AS on 30-09-2009, ITR Ack showed Tax Payable Rs. 59014/-(including 234 B & C) and FBT payable Rs. 60100/-. But the Tax payable was paid on 30-12-2009. And My client filed Revised Return 1 on 31-12-2009. So as on 31-12-2009 ITR ACK showed FBT payable 95621/-. On 25-03-2010, my client paid Rs. 95621/- for FBT which was payable. And on 30-03-2010, He files again the REvise REturn 2 and the ACK shows none of the tax is payable. So whether Interest clause of Income Tax & FBT will be attracted and what will be the effect of it. Kindly help.
You can revise return as many times within given period.
Related to interest calculation as paid tax late, you have to pay interest on late payment. The interest includes both for non payment of advance tax, as well as late payment of tax.
I suggest in given circumstances, please do not pay any tax or interest, wait till scrutiny notice come & then see out will be the outcome.
As your client revise two time IT return, there are more changes to get scrutiny notice.
14 November 2010
The information furnished is just cursory and not complete. However from wha you have conveyed, it is deduced that your client had not paid the tax as also th interest due under section 2343B & C, which ought to be paid while furnishing the return. A return filed without payment of tax due on the face of the return is treated as non-est in law and as good as not having been filed.In other words it cannot be treated as a valid return. Any subsequent returns would also be regarded as not maintainable. This is because he original return though filed within time was not accompanied by tax payment and then only it becomes valid.However since the tax due on 30.9.10 has been paid only on 31.12.2010, interest under section 234A becomes exigible. Let us look and wait
15 November 2010
I am not agree with mr. venkatraman that if the tax is not deposite than the return become invalid. In my knowledge there is no provision in the Income - Tax Act.
15 November 2010
@ Shrikant: My client has received the Intimation showing that Date of filing return is 30-03-2010. Whereas the Original ITR has been filed on 30-09-2009. There has been no changes made in any of the ITR data. The changes which reflected in Revised Returns were The details of Payment of Income TAx & FBT which didnot reflected in Original Return as they were not paid. My client has made e-Filing, The CBDT from banglore has sent him the Challan for payment of interest u/s234A & 115JW(5).
15 November 2010
Don't warry, simple reply to the notice stating the revise return details & payment details. You can simple draft letter on company/you client letter head & attach proof of payment of tax & also revise return of the same.
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