Section 234A Archives - New Tax Route

Interest u/s 234A of the Income Tax Act

October 4, 2021

Interest Under Section 234A with Example

Interest u/s 234A is calculated @ 1% for every month or part of the month on the amount of tax payable. This interest is calculated from the due date to the date of the actual filing of the Income Tax Return.

Interest under Section 234A, 234B, and 234C of Income Tax Act, 1961

October 4, 2021August 29, 2020

For Income Tax Return late filing, Advance tax delayed payment and for short-payment of advance tax, there is Interest payable by the assessee, which is chargeable u/s 234A, u/s 234B, and u/s 234C respectively of Income Tax Act.