Income-tax return for F.Y. 2015-16 is required to be filed within the following due dates-
|Taxpayer who is having Tax audit for his business||30th November|
|Other taxpayers||31st July|
If the Income-tax return is not filed within these due dates, taxpayer is required to pay an additional interest before filing his Income-tax return.
Other key points for Interest U/s. 234A:-
- Interest is payable at 1% of the tax liability.
- The period for which interest is calculated will start immediately from the due date and end on the date of filing of return.
- Tax liability is calculated as follows-
|Tax payable on total income||XXX|
|Less: Amount of Advance tax paid||XXX|
|Tax deducted at source||XXX|
|Tax relief, if any||XXX|
|Credit of Alternate Minimum Tax||XXX|
|= Tax Liability||XXX|
- This interest is compulsory. Hence it cannot be reduced or waived by any Income-tax authority.
- If the taxpayer fails to file his return within due date, interest U/s. 234A is charged automatically. Hence, Income-tax department is not required to intimate taxpayer about payment of this interest.
- This interest is charged if taxpayer fails to file his return within due date, however if taxpayer has paid all his taxes before the due date but files his return after the due date then interest U/s. 234A shall not be charged. The logic behind this is no tax was payable by the taxpayer at the time of filing of return hence no interest is levied.