WebJan 20, 2024 · Interest Payable u/s 234 C on shortfall in tax payment upto 15th June of the Financial Year (No interest payable if tax paid is 12% or more of Total Tax Liability) … WebMar 5, 2024 · Interest (Penalty) = Outstanding Tax X 1% X Number of months (delayed) = 3,00,000 X 1% X 6 = INR 18,000. Therefore, Ravi would now have to pay INR 18,000 as penalty which is over and above his outstanding tax. Not paying his dues till March, he will be charged at the rate of 1% per month till the end of the financial year that is 31 March.
Fees for Delay in Filing Income Tax Return u/s 234F
WebAug 11, 2024 · Interest under section 234A is levied for delay in filing the return of income. In other words, if the taxpayer files the return of income after the due date specified in this regard, interest under section 234A will be levied. WebOct 10, 2024 · Interest u/s 234B is calculated as follows: Tax on income Rs.300000. Less: TDS Rs.50000. Assessed tax Rs.250000. 90% of assessed tax = 250000*90% = 225000. But Advance tax paid = … coast guard cutter eastwind
Section 234A : Interest for Late Filing of ITR - Learn by …
WebAug 13, 2024 · “The due date of submitting ITR for FY2024-21 (AY 2024-22) is thirtieth September 2024 (prolonged from thirty-first July). Subsequently, late submitting charges and curiosity u/s 234A as much as a sure extent shall be relevant solely after the due date which is thirtieth September 2024. WebJan 29, 2024 · If a person who is compulsorily required to file ITR under the law fails to file ITR timely, then he shall be liable to pay penalty or late fees. Initially, section 234F levied late fees or penalty up to Rs. 10,000 on delayed filing of ITR but Finance Act, 2024 has reduced the maximum amount of penalty to Rs. 5,000 now. WebApr 9, 2024 · Levy of fee under section 234F does not relieves an assessee from attraction of interest u/s 234A. Interest u/s 234A is levied on the amount of taxes unpaid on filing ITR after due date. Interest @ 1% p.m. … california strong workforce grant