Please Help: matter of income tax

Posted Date : 01-Aug-2011 , 07:29:57 pm | Posted By rajeev

good evening sir
can u plz tell me that i have form 16 of previous year (2010-11). my tax payable is 10056. than sir Rs. 838 per month.than sir.i have no tax liablity. but sir yesterday was sunday.so i can not deposit my tax. so sir late interest is 1%.than sir in challan 280 i will fill only interest amount while i have no tax liablity.
thanks in advance

Category : Income Tax | Answers : 3 | Comments : 3 | Hits : 433

Answers

Answer By: PRIYANKA

Hello rajeev, on the one hand u r saying that tax payable by u is Rs. 10056/-, then u r saying that u have no tax liablity..then u r saying about interest for late payment of tax...there are so many contradictory things u r talking about..so pls first of all make ur querry clear..and as commented below..if ur tax liablity is NIL then y u need to pay interest...n y u need to pay tax..??? It is rightly said that there is no interest on late filing of NIL I T Return..hope u will make ur querry a bit more clear to help us to answer u properly...

Answer By: CA Rajnish

Rajeev ji as 31 july was sunday and the last day of filing ITR,but the IT department was taking returns.If u not filed your return by that time then now you have to pay 1% per month interest on your Tax amount(TDS)on challan no 280 as self assessment.Well you tax liability is nill but being late filing of return you have to pay 1% interest U/S 234 A and your amount of interest will be Rs 101 if return file upto 31st August 2011

Answer By: CA VIKAS JAIN

why you want to pay 1 percent

Comments

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CA VIPIN GARG

02-Aug-2011 , 09:09:01 am

My dear Rajeev, your question is not clear because you say yesterday was sunday so i can't able to deposite the tax and on other hand you say i have no tax liability, please clear what u realy want to ask. But for your information what i can tell u is, if somebody has no tax liablity then he need not to pay any interest for late filing of ITR. Hope you got the answer and if still has some query, please ask again but pls do that clearly.......... Have a nice day.............