Section 234 C – Interest payable for deferment of advance tax

Interest is payable @ 1% for 3 months on the amount of shortfall in payment of advance tax became due on 15th June (applicable only to Corporate assessees), 15th September (all assesses) and 15th December (all assessees) and interest @ 1% on the amount of shortfall in payment of advance tax became due on 15th … Read More » "Section 234 C – Interest payable for deferment of advance tax"

Section 234 A – Interest payable for default in furnishing the return of income

In simple words, interest @ 1% per month is payable under section 234 A of IT act on the amount of income tax paid after the due date for filing of the return. Due Dates for Filing of Returns For Corporate assessee who are required to furnish report u/s 92E of the IT Act 31st … Read More » "Section 234 A – Interest payable for default in furnishing the return of income"