811/CBDT. - Income Tax - 811/CBDT

INSTRUCTION NO. 811/CBDT Dated : December 11, 1974 Section(s) Referred: 139(8) Statute: Income - Tax Act, 1961 Section 139(8) of the IT Act, 1961 provides for the levy of interest in cases where the return of income under sub-section (1) or sub-section(2) or sub-section (4) has been furnished after the specified date. Sub-section (8) of Section 139 lays down that- "... the assessee shall be liable to pay simple interest at twelve per cent per annum, reckoned from the day immediately following the specified date to the date of the furnishing of the return or, where no return has been furnished, the date of completion of the assessment under section 144...". 2. A question has arisen as to whether the actual date of filing the return or of completion of assessment u/s 144, as the case may be should also be included in computing the total period for which interest is chargeable u/s 139 (8). 3. The question has been examined by the Board in consultation with the Ministry of Law. The Board have been advised that the actual date of filing the return or of completion of the assessment u/s 144, as the case may be, should also be included in computing the period for which interest is chargeable u/s 139 (8). 4. The above instructions may kindly be brought to the notice of all the officers working in the charge.