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Interest on late payment
an assessee has filed return before due date in assessment year 2013-14 and show tax liability of rs. 3000. he didn't paid tax till now and also didn't sent ITRV till now. he want to pay tax now. Is he liable to pay any interest, if yes under which section and what will be rate of interest and further consequences.please give your suggesssion as soon as possible.
Replies (5)
Dear nitesh,
An income tax return filed without paying self assessment tax is considered as defective return.
Make sure the assessee now pays the tax with interest and files a revise return.....
agreed with above
Under which section interest to be paid.
And does revised return compulsory to b filled.
Yes the return will be considered defective and a revise return U/s 139(5) or in a reply to notice U/s 139(9) is to be filed otherwise the same would be treated as no return filed and the assessee shall be liable to be an assessee in default.
Further as there is no need to pay advance tax therefore int is to be paid U/s 234 (a) and (b)
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