Interest on ITR
Mahesh Chandra Mohapatra (189 Points)
01 September 2021
why interest is payable u/s 234A in my Return though it is to be filed before due date
5 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 01 September 2021
If self assessment tax (>1 lac) is paid after 31st July, then interest u/s 234A would apply. No relaxations for interest u/s 234A if filed after 31st July.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 02 September 2021
Agree with poornima
Mahesh Chandra Mohapatra
(189 Points)
Replied 02 September 2021
But I am a senior citizen suggest me
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 02 September 2021
In case of senior citizens, if there is income from business or profession, then advance tax would be payable.
So, if you have business/professional income and if you have not paid tax on/before 31st July, then interest would be levied.
Mahesh Chandra Mohapatra
(189 Points)
Replied 03 September 2021
I have no business imcome only my pension is taken as income
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