Arun (Freelance Software Professional) (183 Points)
21 August 2008I am filing my ITR after 31/7/08 and I have some balance tax to be paid. How much additional penalty/interest has to be paid? Somebody told me that it is: 1% as interest and 1% for not depositing the tax before the due date, so a total of 2%. Is it correct? Or I should just pay a total of 1% as the penalty/interest.
Mr.CA
(CA Student (Final))
(38 Points)
Replied 21 August 2008
| Originally posted by :Arun | ||
| " | I am filing my ITR after 31/7/08 and I have some balance tax to be paid. How much additional penalty/interest has to be paid? Somebody told me that it is: 1% as interest and 1% for not depositing the tax before the due date, so a total of 2%. Is it correct? Or I should just pay a total of 1% as the penalty/interest. |
" |
as per section 234A penalty of 1% p.m is levied for late filing of return (only if tax is required to be paid before filing of return) on the balance amount of tax payable.
Arun
(Freelance Software Professional)
(183 Points)
Replied 21 August 2008
There are 3 sections for Interest:
For default in furnishing the return (section 234A)
For default in payment of advance tax (section 234B)
For deferment of advance tax (section 234C)
For all the above is the penalty only 1% of the balance tax? Who has to pay penalty under section 234B? Is this not relevant for Self Assessment Tax?
kalpana hegde
(chartered accountant)
(32 Points)
Replied 22 August 2008
only 1%pm interest on tax payable after TDS will be paid It is better to give to chartered accountant to file it.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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