Case AQ 502 - Will penal interest be applicable under sections 234 - TopicsExpress

Case AQ 502 - Will penal interest be applicable under sections 234 A/B/C for simple delay in filing( but taxes paid in time)? Solution - By Amlan Please note that the penal interest under section 234 A /B/C is applicable on the due unpaid taxes @ 1 percent per month for a certain period (as specific to the different sections) So , it would translate to =0.01 x Unpaid due taxes x No of months If the unpaid due taxes itself is nil , then there is thus no question of levy of taxes under section 234 A /B/C because it will evaluate to 0, I.e = 0.01 x 0 x No of months = 0 (Anything Multiplied with 0 is always 0 ) You may try this out practically , try and compute tax for income below threshold limit , You will see that besides the payable tax computing to be 0 , the sections 234 A/B/C compute to be 0 as well ...ask yourself why and if you understand the note you will now understand why ...go grab a lassi , you deserve it ! Humble Regards , Amlan Dutta.

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