praveen (Expert) (350 Points)
25 February 2017hi sir,
I have filed my income tax return after due date I.e., 31/03/2017 but due date for filing return is 07/08/2016 date of payment of tax 07/11/2016.
Then please tell me the due date for calculating interest U/S 234 A whether it is up to date of payment of tax or date of return.
please guide...
A.shanmuga sundaram
(Deputy manager)
(73 Points)
Replied 26 February 2017
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 26 February 2017
INTEREST WIILL BE CALCULATE FORM DUE DATE OF ITR (07/08/2016) TO PAY FULL AND FINAL I.T. (7.11.2016) U/S 234 A,,
CA CMA Sagar Jaiswal
(Finance professional)
(665 Points)
Replied 26 February 2017
Under section 234A, you are penalised only when the return is filed after the due date which is 31st of July of the AY. Ex: Due Date for Assessment Year 2016-2017 or Financial Year 2015-2016 was 5 Aug 2016. If you file your returns after due date, then under Section 234A you are liable to pay 1% simple interest per month on the balance tax payable, applicable from the month of August of the AY till the month return is filed.
CA CMA Sagar Jaiswal
(Finance professional)
(665 Points)
Replied 26 February 2017
u can read this attacment
CA CMA Sagar Jaiswal
(Finance professional)
(665 Points)
Replied 26 February 2017
u can also test in income tax java utility by entering the data into it,it will clear your concept.thanks
kiran
(Student)
(98 Points)
Replied 27 February 2017
As per section 234A of Income Tax Act 1961 Interest on non-filing return is levied from the actual DUE date of filing to till the ACTUAL DATE of filing. For the purpose of this even whole or part of a month is considered as whole month).
The interest will be a simple interest @ 1% per month on the balance tax payable.
So here you have to pay an interest of Rs.(Balance Tax Payable) * 1% * No. of months from Due date of filing to ACTUAL DATE of filing.
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