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INTEREST U/S 234A

naqiya (article clerk) (139 Points)

11 December 2007

WILL INTEREST BE CHARGED FOR LATE FILIING OF RETURN EVEN IF THERE IS A REFUND

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2 Replies

CA. O.P. Agarwalla (C.A.) (2916 Points)
Replied 11 December 2007

As per section 194A- Interest is chargeable on the toal tax on the total inome determined under sub section (1) of section 143 and........ as reduced by the aount of:- a) Advance Tax paid b) TDS or TCS c)Relief u/s. 90 d)Deduction u/s. 91 e)Tax Credit allowed. Do you think that in your case amount of tax remains in your case on which interest u/s. 234A can be levied?

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Surendra (Finance) (71 Points)
Replied 11 December 2007

Hi .. Interest will not be charged u/s 234 A if there is delay in filing of return and the assessee donot have any tax liability,,, however in your case there is refund -- no interest u/s 234 A ,,, infact assessee can get refund u/s 244A...to my knwledge..