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Certain doubt- u/s.234 A

T.N.REDDY (M.Com) (239 Points)

28 January 2022

Sir, when the ROI is filled before the extended due date, then why the interest is calculated under the above section. kindly clarify/ advise

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7 Replies

RAHUL RAJU (124 Points)
Replied 28 January 2022

If Tax Payable amout is above Rs.1 lac then 234A attracts, since the original date for ITR of tax audit was 31st October the interest will be calculated for 3 months (Nov- January)

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JJJ (Need help) (673 Points)
Replied 28 January 2022

They only extended the date to file the return (because of their own continuing failure of a portal rollout).

But the tax payment dates were not changed.

Nidhi (Chief Accountant) (3150 Points)
Replied 29 January 2022

If Tax Payable amout is above Rs.1 lac then u have to Pay SA tax before original due date i.e 31st October, otherwise 234A interest livable

T.N.REDDY (M.Com) (239 Points)
Replied 29 January 2022

But sir. 234A attracts only when if the return is filed only after due date, but I filed the ROI well within the time ie. before 31st December 2021.

Nidhi (Chief Accountant) (3150 Points)
Replied 29 January 2022

As per Extension notification, It is clarified that the extension of the dates shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.

So, if your SA tax liability is more than 1 lakh, than Sec. 234A triggered from original filing date