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
Mahesh Bansal (Industrial Training) (147 Points)
03 February 2010Hi 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
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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