ITR A/Y 2008-09

Mahesh Bansal (Industrial Training) (147 Points)

03 February 2010

Hi All,

I want to file ITR for A/Y 2008-09 (F/Y 2007-08) now before 31.03.2010

Please tell me wat penalty/interest is applicable in case of

1. Tax payable

2. Refund

Regards

Mahesh C. Bansal

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2 Replies

Amir (Learner) (4016 Points)
Replied 03 February 2010

Dear Mahesh,

TAX PAYABLE

1) INTEREST U/S 234 A - on the amount of tax payable @ 1% per month, begnning 01.08.2009 or 01.10.2009(in case audit was mandatory)

2) INTEREST U/S 234 B & 234 C - will be charged if ur Advance tax liability i:e tax less TDS exceeds Rs. 5,000

3) Penalty - Rs. 5,000 may be paid but only upon imposition by AO.

REFUND

1)No interest is payable since it is the case of refund......

2)However, Penalty - Rs. 5,000 may be imposed if ur Total income exceeds the Exemption limit i:e Return filing was mandatory in ur case.

C.Balaji (Learner) (1867 Points)
Replied 03 February 2010

Mr.Mahesh

agree with Mr.Amir....

please note that return should be filed before 31.03.2010.... compulsorily...

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