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Income tax return

NIKHIL (ARTICLE) (47 Points)

12 January 2012

If somebody not file his Income Tax Return for the financial year 2010-11 due to any reason.

Can he file the his return now and how.

Also please advice how to calculate interest under sectiion 234 A,B, C, if tax is payable.

Thanks and Regards,

NIKHIL

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9 Replies

Vikky (CHARTERED ACCOUNTANT) (145 Points)
Replied 12 January 2012

yes the assses can file belated return

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valji (Accounts manager-MBA) (2150 Points)
Replied 12 January 2012

agreee with above

1 Like

Manish Manohar Lingayat (Account Head) (65 Points)
Replied 12 January 2012

Hello sir/madam,

Please anyone can tell me how I can do the GDC & A (Government Deploma in Co-operation & Accountancy)Pannel registration.

Please share your's comments asap.

Thx. in Advance,

Regards,

Manish Lingayat

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Ramanuj (Accountant.) (834 Points)
Replied 12 January 2012

Dear Nikil

Yes . you can file belated return with 1 % p.m Interest u/s 234A up to 31.03.2012. if any have tax laibility made. other than no paid interest if no have tax laibility.

Thanks

Ramanuj

madhur (Service) (31 Points)
Replied 12 January 2012

yes, assessee can file a belated return u/s 139(4) of the act. also he would be liable for the interest u/s 234A of the act. the calculation will be as follow:-

1% per month or part of the month from 31st march 2011 to till date and for this purpose interset is calculated on amoount of tax payable by the assessee

Note:- If there is no tax payable interest will be Nil. Also such belated return cannot be revised.

Regards,

CA Madhur

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C.A. Jignesh N. Mehta (C.A.) (1030 Points)
Replied 12 January 2012

Mr Nikhil , you can file belated return u/s 139(4).

After Filing the return you cannot revise the return u/s 139(5).

Suppose your tax liability is below Rs. 10,000 then Interest u/s 234B and 234C will not be applicable.

whereas interest u/s 234A will apply @ 1% on the amount payable from due date of iling of return if 31-07-2011 then from August 2011 till you file your return , if Jan 2012 then Aug to Jan 2012 6 Months.

And if Sept 2011 is due date then 4 Months.

Suppose your tax liability is above Rs. 10,000 then Interest u/s 234B and 234C will also be applicable.

Interest u/s 234A as above.

Interest u/s 234B @ 1% from April 2011 to Jan 2012 (if return filed in Jan 2012)

Interest u/s 234C would be as under:

Rate Due on Interest on Tax

30 15 Sept Tax @ 30% @ 3%

60 15 Dec Tax @ 60% @ 3%

100 15 Mar Tax @ 100% @ 1%

Rate Due on Interest on Tax

15 15 June Tax @ 15% @ 3%

45 15 Sept Tax @ 45% @ 3%

75 15 Dec Tax @ 75% @ 3%

100 15 Mar Tax @ 100% @ 1%

So the more you delay the more you pay interest @ 2% per month from now on as interest u/s 234A and 234B.

Further as per Income Tax Act if amount paid is short then the same will first be adjusted towards interest and then the balance towards tax.

So be careful.

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 12 January 2012

Originally posted by : jignesh mehta
	Mr Nikhil , you can file belated return u/s 139(4). After Filing the return you cannot revise the return u/s 139(5). Suppose your tax liability is below10,000 then Interest u/s 234B and 234C will not be applicable. whereas interest u/s 234A will apply @ 1% on the amount payable from due date of iling of return if 31-07-2011 then from August 2011 till you file your return , if Jan 2012 then Aug to Jan 2012 6 Months. And if Sept 2011 is due date then 4 Months. Suppose your tax liability is above10,000 then Interest u/s 234B and 234C will also be applicable. Interest u/s 234A as above. Interest u/s 234B @ 1% from April 2011 to Jan 2012 (if return filed in Jan 2012) Interest u/s 234C would be as under: Rate Due on Interest on Tax 30 15 Sept Tax @ 30% @ 3% 60 15 Dec Tax @ 60% @ 3% 100 15 Mar Tax @ 100% @ 1% Rate Due on Interest on Tax 15 15 June Tax @ 15% @ 3% 45 15 Sept Tax @ 45% @ 3% 75 15 Dec Tax @ 75% @ 3% 100 15 Mar Tax @ 100% @ 1% So the more you delay the more you pay interest @ 2% per month from now on as interest u/s 234A and 234B. Further as per Income Tax Act if amount paid is short then the same will first be adjusted towards interest and then the balance towards tax. So be careful.