Interest payable – IT Act
Description | Rate | Period From | Period To | Section |
Delay in furnishing return of income | 1% p.m. | Due date | Date return furnished | 234A |
Not furnishing return of income | 1% p.m. | Due date | Date of completion of assessment U/S 144 | 234A |
Failure to pay advance tax, 90% of assessed tax as advance tax |
1% p.m. | 1st April of AY | Date of determination of income u/s 143(1) or regular assessment |
234B |
Deferring Advance Tax | 1% p.m. | Due date | Due date of next instalment | 234C |
Failure to deduct tax at source | 1% p.m. | Date deductible | Actual date of deduction | 201(1A) |
Failure to deposit tax in time | 1.5% p.m. | Date of deduction | Date of deposit | 201(1A) |
Failure to pay DDT | 1.5% p.m. | Due date | Date of payment | 115P |
Excess Refund Paid | 0.5% p.m. | Date of refund | Date of regular assessment | 234D |
Leave a Reply