Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Part payment of Income Tax

Muralidharan (Accounts Consultant) (42 Points)

20 September 2008

Whether an Assessee can file IT return with Tax Audit Report before the due date for return by making part payment of the IT payable and clear the balance before the end of the Assessment Year

Reply
Follow
Share

3 Replies

Ramakrishna (Financial Executive) (438 Points)
Replied 20 September 2008

Dear friend!!

You may go through the provisions of Section 140A(1) which states that self assessment tax on the basis of the declared income along with interest for delay has to be deposited before the return of income is furnished and the return must have the proof of such payment.

In case of short payment at the time of filing the return of income, Section 140A(3) declares such an assessee as an 'assessee in default' and therefore the said provision along with Section 221 exposes the case of the assessee for the levy of penatly.

Therefore, It is not worthwhile to think of such an event!!

Good Bye!!

Upgrade to CAclubindia Pro. Subscribe Now!

Muralidharan (Accounts Consultant) (42 Points)
Replied 21 September 2008

Originally posted by :Ramakrishna

Dear friend!!
You may go through the provisions of Section 140A(1) which states that self assessment tax on the basis of the declared income along with interest for delay has to be deposited before the return of income is furnished and the return must have the proof of such payment.
In case of short payment at the time of filing the return of income, Section 140A(3) declares such an assessee as an 'assessee in default' and therefore the said provision along with Section 221 exposes the case of the assessee for the levy of penatly.
Therefore, It is not worthwhile to think of such an event!!
Good Bye!!

Dear Sir

Thanks for your feedback

Will u pl clarify what does Sl.No.15 mean in the ITR V