Monday, January 4, 2010

Interest for No Return / Late Return

Simple interest is payback on the amount of tax assessed as reduced by the amount of advance tax paid, TDS/TCS, double taxation relief u/s 90,90A or 91 and tax credit for MAT @ 1% for every month (or part of month) of delay in filling the return, or where no return has been filed, upto the date of completion of assessment u/s 144.
Interest as above shall be calculated on teh amount of tax payable on returned income as reduced by advance tax, TDS, etc. and paid alongwith self-assessment tax.

In the opinion of Board of Editors, no interest can be levied for late filing of return, if the tax payable on total assessed income has been paid in full (or in excess) by way of advance tax or as TDS/TCS, except self-assessment tax u/s 140A.

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