29 July 2010
pls tell me if tax liability of individual (say rs.13,750/-) paid before 31.7.2010. but tax return is to be filied after 1.08.10?
Date of filing return will affect the tax liability? Even its make nil on 31.7.2010 by paying tax due on 31.7.2010 with interest for the month of July 10 if any.
30 July 2010
No penalty or interest will be levied.
The Supreme Court has held even though the return of income is filed late, if the assessee has paid the taxes before the due date of the filing of the return which is not less then the tax payable on the returned income which has been accepted, no interest can be levied u/s. 234A. CIT vs. Pranoy Roy (2009) 222 CTR 6 (SC)
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