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Interest for defaults in return filing, payment of advance tax etc

Section Description Rate Period  

On

 

234A Delay in furnishing return of income 1% pm or part of the month 1.     From the Due date of furnishing the return to Date of return furnished ( if not furnished then date of completion of assessment u/s 144 Amount of tax us 143(1) or on regular assessment  [first time 147/153A will be treated as regular assessment] less advance tax paid TDS/TCS, rebate u/s 90, 90A,91,  115JAA, 115JD[ no credit of Self asst. tax (SAT)]
2.     147/153A cases after 143(1)/143(2)/147: from expiry of time allowed u/s 148/153A for filing of return to date of return filing or if return not filed completion of assessment u/s 144/153A Tax determined u/s 147 or 153A less tax determined u/s 143(1) or earlier assessment 143(2)/144/147
234B Failure to pay advance tax , 90% of the assessed tax as Advance tax 1% pm or part of the month 1.     From 1st April of A.Y to Date payment is made. Assessed tax u/s 143(1) or on regular assessment less Tax paid if any.

( if self asst. tax paid then interest  shall be payable in two parts before SAT or after SAT( giving SAT credit)

2.     147/153A cases after 143(1)/143(2)/147: From date of summary assessment or regular assessment order till date of completion of assessment u/s 147 or 153A. Tax determined u/s 147 or 153A less tax determined u/s 143(1) or earlier assessment 143(2)/144/147
234C Deferment of Advance tax installment (  except casual income and capital gain) 1% pm or part of the month From Due date to Due date of next installment [ if Capital gain is after 15th march then tax to be paid on or before 31st march to avoid interest. Amount payable less paid. In case of company assessee if first and second  installment is less than 12% and 36% then only interest will be payable on short fall ( i.e 15% or 45% less amount paid)

For assessee who declares profits and gains u/s  44AD or 44ADA, tax paid on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of 1% on the amount of the shortfall from the tax due on the returned income:

234D- On the whole or excess amount refunded u/s 143(1) 0.5% pm or part of the month From the date of refund to the date of such regular assessment.

Provision not applicable if refund is granted in pursuant to order of C(A) not u/s 143(1)

Lower of the following:

(a) refund granted u/s 143(1)

(b) refund granted u/s 143(1) less u/s 143(2)

 

234E[ like 234A]

 

Late fees for late submission of TDS/TCS statement

 

200 per day

 

From due date of furnishing the return to the date of furnishing the return.

 

Total amount of fees shall not exceed the total amount of tax deductible/collectible and such fees have to be paid before delivering TDS/TCS statement.

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