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Richa Patel (Article) (166 Points)

16 August 2012

MY QUERY IS WHETHER INTEREST U/S 234A OF IT ACT,1961, IS CHARGEABLE IN CASE WE ARE FILING RETURN NOW IN AUGUST???AS PER MY OPINION IT SHOULD NOT BE CHARGED SINCE THE DATE IS ACTUALLY EXTENDED TO 31ST AUGUST...THE SYSTEM (SPECTRUM)IS CALCULATING INTEREST AS IT IS TAKING LAST DATE OF FILING RETURN AS 31ST JULY..PLS RPLY SOON..I HAVE TO FILE RETURN OF MY CLIENT..THANK YOU IN ADVANCE

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15 Replies

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 16 August 2012

ask your software provider to update the software, or edit the same

1 Like

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Richa Patel (Article) (166 Points)
Replied 16 August 2012

bt r sure that interest shud nt b calculated? i mean the section says that interest shud b calculated if the return is filed aftr date mentioned u/s 139(1) i.e . July 31

Deepak Gupta (CA Student) (15922 Points)
Replied 16 August 2012

Interest u/s 234A will not be calculated as the date have been extended to 31.08.2012. I have used Spectrum. The extended dates are updated automatically in the software when we start the update utility. Have you updated the software? If, even after updating, the dates are not getting changed, kindly contact your software vendor. He will solve the problem online.

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Richa Patel (Article) (166 Points)
Replied 16 August 2012

ok deepak..thanks...i will try 2 update it...i am new 2 it n thot it will b updated automatically..hope the problem doesnt persist..

Richa Patel (Article) (166 Points)
Replied 16 August 2012

hey bt cn u tel me did u run an update utility 2 update spectrum?or it automatically ws changed to 31st august?

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Deepak Gupta (CA Student) (15922 Points)
Replied 16 August 2012

Actually it gets updated automatically. When we start the software, its asks us, do you want to update the software. But may be sometimes there are some database and java issues. You can check manually for updation, whether it is upto date or not. Hope your problem gets resolved.

Actually i have left the office few months back and not using spectrum currently. You can also download the updates from this website https://www.kdkupdate.com/

1 Like

siva thunder (article student) (253 Points)
Replied 16 August 2012

interest is a penalty for the non payment of due amount within time limit,if due date extended,then no need to pay penalty,contack with the developer to make the changes necessary

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yuvak (Practising CA) (144 Points)
Replied 16 August 2012

Hi,

For AY 12-13, the due date itself will be considered as 31 August 2012. The notification u/s 119 clearly states so.

Cheers

1 Like

Satish (CA (Final), CS (Final)) (172 Points)
Replied 16 August 2012

I have downloaded the ITR software from IT website in excel format, even if the due date is extended till Aug the software is calculating the interest on the taxpayable, now tel me how to avoid that interest on tax payable....................please guide me.

1 Like

Karan (CA) (32 Points)
Replied 16 August 2012

even i m also using spectrum, but the interest u/s 234A is automatically removed due to extension in the due date of filing of R.O.I.

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CA Ram (CA) (310 Points)
Replied 16 August 2012

pl update the software/////////

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Richa Patel (Article) (166 Points)
Replied 16 August 2012

hey but is there anythin that for specified persons only the interest is not calculated.i mean for those whose income is above 10 lacs and for whom e filing is compulsory? for rest whose income is below 10 lacs then the due date is 31st JULY?

Richa Patel (Article) (166 Points)
Replied 16 August 2012

Originally posted by : Satish
	I have downloaded the ITR software from IT website in excel format, even if the due date is extended till Aug the software is calculating the interest on the taxpayable, now tel me how to avoid that interest on tax payable....................please guide me.

HEY CHCK WHETHER INTEREST U/S 234A IS CALCULATED FOR PPL HVIN INCOME ABOVE 10LACS???SUM1 TLD ME THAT 31ST AUGUST IS ONLY FOR THOSE WHO R MANDATORILY REQUIRED TO E FILE RETURN..

Deepak Gupta (CA Student) (15922 Points)
Replied 16 August 2012

Originally posted by : Richa Patel
	hey but is there anythin that for specified persons only the interest is not calculated.i mean for those whose income is above 10 lacs and for whom e filing is compulsory? for rest whose income is below 10 lacs then the due date is 31st JULY?

CBDT's Clarification on extension of due date of filing of returns
.
PRESS RELEASE [No. 402/92/2006-MC (20 of 2012)], dated 1-8-2012
.
A section of Media has reported that the Central Board of Direct Taxes has extended 'due date' of filing of returns to 31st August, 2012 in respect of only those returns which were to be e-filed by 31st July, 2012. It is clarified that the notification issued by the Board on 31st July, 2012 has extended the 'due date' of filing of all returns for the Assessment Year 2012-13 which were due to be filed by 31st July, 2012 to 31st August, 2012.