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
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Interest Calculation Detail |
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234A |
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254500 x 1(M) x 1% = | 2545 | 2545 |
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Total Interest |
| 2545 |
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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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