WebSep 18, 2024 · Accordingly, the implication of this extension will mean that a taxpayer who is liable to pay advance tax will have to pay interest at the rate of 2 percent per month (1 percent under section 234B and 1 percent under section 234A) from the original due date of filing of return i.e. July 31, 2024 or October 31, 2024, as the case may be. WebConcept of section 234A. Delays in submitting the tax return falls u/s 234A. If a taxpayer submits his/her tax return late, a fine in the form of interest would be paid. The taxpayer …

Income Tax Interest Penalty for Late Filing Sections 234A, 234B, …

WebApr 10, 2024 · It is submitted that under the erstwhile Income Tax Act, 1922, Section 4A defined residence in taxable territories. Section 6 of the Act deals with residence in India and the relevant provision would be Section 6(3) pre-amendment in 2024 and postamendment 2024 w.e.f. 01.04.2024. ... Section 234A of the Act provides that where the return of ... iowa vs michigan stream

Advance tax - iPleaders

WebMar 8, 2024 · Once, the assessee has paid the taxes including the interest under section 234A and 234B up the date of self-assessment tax on the income declared in the income tax return which has been accepted by the revenue, there cannot be any element of interest to be charged beyond the date of tax paid by the assessee as self-assessment tax i.e. 19 … WebJun 23, 2024 · Section 234A of Income Tax Act For AY 2024-21. Any individual who files the income tax after the timeline specified by the officials will have to pay the income tax interest penalties as per section 234A. Basically, the income tax should be paid by the individual before the end of a financial year. WebChapter 62: TAXATION OF INCOMES Section 1 Definitions; Section 2 Gross income, adjusted gross income and taxable income defined; classes; Section 3 Taxable income: … iowa vs michigan wrestling 2023