Section 234C: Interest on delayed payment of Advance Tax

By | July 6th, 2017|Categories: Interest, ITR Filing, Penalty|

Section 234C Income Tax Department wants you to pay your Advance Tax in 4 installments to ease the burden of the tax. These installments must be paid on or before the due date. If you fail to do so, then tax department can impose interest penalty u/s 234C. There are other similar interest penalties applicable under [...]

Section 234B: Default in Payment of Advance tax

By | July 6th, 2017|Categories: Interest, Penalty|

Section 234B Interest under section 234B of Income Tax Act is levied upon those taxpayers who default in the payment of Advance Tax. Advance Tax means paying your tax dues based on the dates (usually quarterly) provided by the income tax department. You may be liable to pay interest under section 234B if you don’t pay [...]

Section 234A: Penalty On Late Filing

By | July 6th, 2017|Categories: Interest, Penalty|

Section 234A It is mandatory to file ITR within the time limit prescribed for each year for you. If you don’t file a return within this prescribed time or not file at all will attract this Interest under section 234A.  You could be in one of these 3 distinct positions for not filing the returns before the due [...]