234A- Interest for defaults in furnishing return of income

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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 not furnished, the assessee shall be liable to pay simple interest at the rate of one percent for every month or part thereof.

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
Total Interest = 2545

Details:-
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
Notes
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. 
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