234A- Interest for defaults in furnishing return of income

234A- Interest for defaults in furnishing return of income

234A- Interest for defaults in furnishing return of income
Where the return of income for any assessment year under sub-section (1) or sub-section (4) of section 139, or in response to a notice under sub-section (1) of section 142, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of one per cent for every month.

Example :- 

 

The 234A Interest that is coming in the above illustration (computation) ,calculation is  given below - 

Total Tax  -244548

 

 

 

 

 

 

Interest Calculation Detail

 

 

 

 

 

234A

 

 

 

 

 

254500 x 1(M) x 1%  =

2545

2545

 

 

 

Total Interest

 

2545

 

 

 


Return Filing Due Date :

31/07/2021

Due Date Extended upto :

31/12/2021

Interest Calculated Upto :

18/08/2021

Date of E_Filing :

19/08/2021


Note : It is clarified that the extension of the dates as refer of Circular NO.9/2021 dated 20.05.2021  this Circular shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax exceeds one lakh rupees. 



Hope this Helps 

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