WebMar 29, 2024 · Section 234A - Delay in Filing Tax Returns Under IT Act Updated on March 30, 2024 , 6216 views. In order to help citizens, maintain a timeline to pay Taxes, the income tax department has laid down guidelines for strict compliance. Section 234 of the Income Tax Act, 1961, deals with penalties and interest rates charged for delay in paying taxes. This is … WebJan 31, 2024 · Interest u/s 234A is levied from the first day after the due date till the actual date of paying the taxes. For example, the due date to file ITR for AY 2024-23 is 31st July …
Income Tax Interest Penalty for Late Filing Sections 234A, 234B, …
WebJan 3, 2024 · Though the due date for filing of Income-tax Return for the Assessment Year 2024-21 has been extended, however, in this case, it should be noted that there is no immunity provided from the levy of interest u/s 234A for filing of return of income by 10th January 2024 or 15th February 2024 from the due date specified in section 139(1) if the … WebAug 4, 2024 · Section 234A of the Income-tax Act, 1961 pertains to interest on account of delay in filing the return of income. Interest under section 234A of the Act 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 of the ... ctfhub notes
Self assessment tax liability for FY19-20 over Rs 1 lakh? Pay by …
WebJun 10, 2024 · INCOME TAX : Where modified assessment order was passed consequent to setting aside earlier order by High Court, such order was to be considered as of regular … WebApr 12, 2024 · For the financial year ending March 2024, the due date for return filing under section 139(1) of the Income Tax Act is 31st July 2024. Here we are assuming no extensions. ... on the amount of tax remaining unpaid as per section 234A. Payment of full taxes with interest is a requisite for filing your returns in this case. WebJul 31, 2024 · According to above provision 1% interest shall be charged from 01.08.2024 under section 234A of the Income tax act in case of individual where total tax payable is more than Rs. 1 lakh. Further, while calculating the tax payable deduction of only Advance tax, TDS/ TCS, relief u/s 89, 90, 90A will be allowed and no deduction of self assessment ... earth day jpeg