Mayank Ahuja ("Learner") (586 Points)
31 March 2009Q. Mr.Aman file his original return for F.Y.2007-08(A.Y 2008-09), on 25th July 2008. Nw he came 2 knw that he forget to disclose his one of his income. Nw he want to file His Revised return, wat is last date for the same? Any penal interest will be levy if due date has passed.
Thanks....Waiting 4 ur reply
Balaji R K
(Salaried)
(158 Points)
Replied 31 March 2009
As per Income Tax Act revised return can be filed by the assessee with in one year from the end of relevant assessment year or before the completion of assessment.
In the given case the Asst Year pertains are 2008 - 09, hence last date for filing the revised return is 31st March 2010 or before completion of assessment.
How is interest calculated for late or non-furnishing of return ?
INTEREST U/8. 234-A FOR LATE OR NON-FURNISHING OF INCOME TAX RETURN
For defaults in furnishing 'Return of income': Simple interest @ 1.25% for every month or part of a month from the due date of filing of the return to the date of furnishing of the return. The interest is calculated on the amount of the tax on the total assessed income as determined under subsection (1) of section 143 or on regular assessment u/s 143(3) as reduced by the Advance Tax, if any, paid and any tax deducted or collected at source.
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If the tax payer fails to pay 90% tax plus applicable interest(s), then how is interest for short payment of suuch advance-tax calculated?
| INTEREST U/S. 234-B FOR SHORT PAYMENT OF ADVANCE TAX | |
| Shortfall in payment of Advance tax of more than 10% | Simple interest @ 1.25% for month or part there of is chargeable w. e. f. 1st April of the Assessment Year to the date of determination of income u/s. 143(1) or regular assessment u/s 143(3) on the assessed tax. |
| "Assessed tax" means the tax on the total income determined under subsection (1) of section 143 or on regular assessment u/s 143(3), a reduced by the amount of tax deducted or collected at source. | |
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How is interest for deferment of advance-tax calculated ?
| INTEREST U/8. 234-C FOR DEFERMENT OF ADVANCE TAX | |
| 1. If no advance tax is paid or the advance tax paid in 1 st instalment on or before 15 th September is less than 30% of the tax payable on threturned income as reduced by taxes deducted at source | Simple interest @ 1.25%p,m. is chargeable on the amount of shortfall for a period of 3 months |
| 2. If no advance tax is paid or if the advance tax paid in 2nd instalment on or before 15th December is less than 60% inclusive of 1 st instalment of the tax payable on the returned income as reduced by taxes deduced at source | Simple interest @ 1.25% p.m. is chargeable on The amount of shortfall For a period of 3 months |
| 3. If the advance tax paid on the current income on or before the 15 th day of March is less than the tax due on the returned income | Simple interest @ 1.25% on the amount of the short fall from The tax due on the returned income. |
However, no interest is leviable if the short-fall in payment of advance-tax is on account of under estimation of the amount of capital gains or any income from winnings from lotteries, crossword puzzles, races, and other games including an entertainment program on television or electronic mode, in which peole compete to win prizes etc., and the assesses has paid the tax on such income as part of the remaining instalment of advance tax which are due or if no instalment is due, by 31st March, of the Financial Year.
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Mayank Ahuja
("Learner")
(586 Points)
Replied 31 March 2009
Thanks Mr. Balaji...................
How we came to knw dat assessment is completed or not?
Is any notice is send to us after completion of assessment..
Pls clear it......
Balaji R K
(Salaried)
(158 Points)
Replied 31 March 2009
Hi Mayank,
Generally for completion of assessment it will take minimum of 1 year and it purely depends on the ward in which you file your return.
You have to get in touch with the AO in the respective ward.
You can check the status of refund in the below mentioned link.
https://www.incometaxindiapr.gov.in/incometaxindiacr/home.jsp
Mayank Ahuja
("Learner")
(586 Points)
Replied 31 March 2009
Thanks a lot once again Mr. balaji
Valuable info.
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 29 April 2009
If return is filled with in due date then return could be revised with in one year from the end of the relevant assessment year or completion of assessment, which ever is earlier.
You have to pay interest u/s 234B and 234 C for advance tax and defferment of advance tax.
Anand
(Sr Engineer)
(24 Points)
Replied 01 July 2009
NISHA Sambhwani
(article)
(43 Points)
Replied 22 November 2010
i want to know if an assessee quote his wrong pan no. is there any penalty leviable on him/her? the revised return should be filed or not? what step are to be fllowed against this. please specify.
CAclubindia
