What if you miss IT return filing deadline of September

Those who have a tax due in their return – If you have tax payable for income earned in the financial year 2014-15, besides having to pay interest under section 234B and 234C, you’ll also have to pay interest under section 234A. Section 234A is applicable for default in filing your return timely. It is calculated on the tax which is unpaid and is calculated starting from the due date. Days are rounded off to a month and interest @ 1% is payable. Though if there’s no tax due in your return, no interest under section 234A is charged for returns filed after due date

• Krishan
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