WebSep 18, 2024 · It is to be noted that interest under section 234A at the rate of 1 percent in case of late filing of return is in fact a penalty. Before the amendment made by the Direct Tax Laws (Amendment) Act, 1987, there used to be a penalty at the rate of 2 percent per month for late filing of return under section 271(1)(a) of the Act. WebJul 20, 2024 · The individual will be penalized for not filing return on time under section 234A. So, if there is a delay in filing of your return get ready to pay extra in the form of penal interest. The interest charged for delay is 15 per month for the months you delayed filing …
Section 234A,234B,234C : Interest Penalty for not paying Expected …
WebJan 20, 2024 · This comprehensive and user friendly calculator can be used forcalculation of interest payable under Sections 234A, 234B and 234C of Income Tax Act for default / deferment in payment of Income Tax / Advance Tax and / or filing of Tax Return by specified due dates. Details of tax Liability, Tax paid and filing of Tax return. 1. WebDec 18, 2024 · 1) Penalty under Section 271F of Income Tax Act, 1961: 2) Interest under Section 234A of Income Tax Act, 1961. 3) Non-Carry Forward of Losses. 4) Best judgment assessment (Assessment under section 144) 5) Claim of Refund of Taxes. 6) Penalty for Concealment of Income. 7) Prosecution for Failure to Furnish Return of Income. migration and borders technology portfolio
Section 234F Late fees for default in filing of income tax return
WebJun 3, 2024 · In this part, you can gain knowledge about the provisions of section 234A, 234B and 234C dealing with interest levied for (i) delay in filing the return of income; (ii) non-payment or short payment of advance tax; and (iii) non-payment or short payment of individual instalment or instalments of advance tax (i.e., deferment of advance tax). WebMar 18, 2024 · However, Arnav deposited only Rs 48,000, which is less than 90% of assessed tax. Therefore, Arnav is liable to pay interest under section 234B. Interest calculation. 56,000 (assessed tax) – Rs 48,000 (advance tax) = 8,000 8,000 x 1% x 2 (April and May) = Rs 160. Rs 160 is the interest payable under section 234B by Arnav. WebJun 23, 2024 · The interest and penalties on taxes are calculated under sections 234A, 234B, 234C. Each section varies from one to another. So before calculating the interest or … migration agents perth wa