Section 234a of income tax act 1961 pdf

Income tax act specifies certain time limits for filing income tax returns to all the assessee. Interest under section 234 a, b, c of income tax act,1961. Order under section 119 of the incometax act, 1961. This penalty would be levied in addition, to the existing interest us 234a for late filing of income tax return. Date for advance tax is nearing and all the assessees and their tax consultant must be busy in calculating advance tax payable for the month of march. Analysis of interest payable under section 234b of income tax act, 1961 under various scenario.

Interest under section 234a of the incometax act, 1961hereinafter the act is charged in case of default in furnishing. This section imposes fees on delayedlate filing of income tax return. Before understanding the provisions of section 234a, 234b and 234c it is important to understand the provisions of rule 119a which gives the manner of computation of interest under the income tax act. Chargeability of interest under section 234a of the incometax act, 1961 on selfassessment tax paid before the due date of filing of. Given income tax act sections list includes revised, omitted and newly added tax rules. Act for default in furnishing return of income, default in payment of advance tax and for deferment. Or ever caught in the complexities of default made on payment of advance tax. You also must pay similar penalties under section 234a and 234c. Interest penalty under section 234a, 234b and 234c of. Section 234 a delay in filing the return of income. In this article we are discussing interest payable under section 234a, 234b, 234c of the i. Income tax business applications itba with respect to computation of interest under sections 234a, 234b, 234c and 244a of the income tax act. Section 234a interest for defaults in furnishing return of income income tax act, 1961.

All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. However, if you forget or delay the payment, you are penalized in the form of interest under section 234b of the income tax act. Interest us 234a, 234b and 234c decodedprovisions of. Section page contents division one 111 income tax act, 1961 page u arrangement of sections i3 u text of the income tax act, 1961 as amended by the finance act, 2011 1. Income tax act, 1961 requires that income tax return to be filed in time and advance tax to be paid correctly within time prescribed. Know all about interest imposed under section 234a for late efiling of.

Calculating interest penalty under 234b of the income tax act. List of sections of income tax act 1961 download pdf. Here is everything you need to know about interest us 234 a, b, c of income tax act, 1961. Latest income tax act sections list has been provided for finance people. In this article, we will discuss interest under section 234a, 234b, and 234c with practical examples. Interest penalty under section 234a, 234b and 234c of income tax.