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 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 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 [...]
Introduction It is not a new fact that Sec 270A and Sec 270AA has been inserted to the Income Tax Act by replacing Sec 271. Earlier, authorities used Sec 271 to levy penalty bluntly, aggrieving the assessee and pushing the assessee to the Court. We'll discuss the income tax penalty. Objective The objective is to reduce [...]
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