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Updated rules for Interest u/s 234A for Auditable ITR as per Madras High Court ruling

Updated rules for Interest u/s 234A for Auditable ITR as per Madras High Court ruling
(added 31/10/2014)

As per the recent ruling by the Madras high court, interest u/s 234A will not be levied on auditable returns if they are filed before the due date of November 30th.

Initially, when the due date of auditable returns was exteded to 30th November, there was an extra clause saying that for purpose of Interest calculation u/s 234A, the due date was still considered to be 30th September. But this extra clause no longer applies because of a recent ruling by the Madras high court, and as a result, no interest will be charged for returns filed before 30th November.

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