interest on income tax not to be paid?

whether Income tax department has issued any notification that no interest is to be paid on the income tax payable by any person for returns filed upto 30th september, 2007?

4 Replies to “interest on income tax not to be paid?”

  1. sir, interest is payable only if u have not paid full taxes payable upto 31st mar,2007. If taxes are due then interest has to be paid But if one has paid taxes in full before march 31, 2007 no interest or penaly is to be paid even if you file the return for accounting year2006-2007 latest by March 31,2008.
    (This is for individual, not for companies )

  2. the income tax depeartment is not telling u to pay the interset but even though they r telling that if u r not able to pay the tax before 30th they will take the tax with interest. Understood

  3. Interest on defferment (delayed payment, non payment) of Advance tax is payable in any case if the total tax payable is more than Rs.5000/-(incl.E.C.).

    For other instances, interest is charged even if the delay in Payment of tax is 1 day because the term used is ‘for every month or part of a month’. Accordingly, though delay is of a one day, interest is charged for a full month.

    Interest is charged only if tax is remained to be paid and not merely for late filing of return. If there is refund no charge of interest is attracted.

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