Business Daily from THE HINDU group of publications
Monday, Oct 30, 2006
ePaper
Business Daily from THE HINDU group of publications Monday, Oct 30, 2006 ePaper |
|
|
|
|
|
|
|
Mentor
-
Income Tax Columns - For the Asking Date for filing returns
What is the last date for filing of return for a proprietary or partnership business for which no audit is required for the assessment year 2006-2007? Suppose I pay tax now for this year and file return by October 31 would any interest be payable? Shyam Sunder Gupta, Ludhiana You ought to have filed your return by July 31. But you can do so now, thus minimising the damage. Interest would be paid on tax due at 1 per cent per month for late filing of return under Section 234A and at 3 per cent per quarter under Section 234C for non-payment of the first three instalments of advance tax with the interest for the last fortnight of the year being 1 per cent flat. And on the tax outstanding from the beginning of the assessment year, interest is payable under Section 234B at 1 per cent.
(ASK! Send in your queries to ask@thehindu.co.in.)
S. Murlidharan
More Stories on : Income Tax | For the Asking
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|