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MANDATORY & PENAL INTEREST UNDER SECTIONS 234A 234B & 234C-SECTION 234A(1)

Income Tax - Payment of Taxes and Interest - 08 - SECTION 234A(1) INTEREST FOR DEFAULT IN FURNISHING OF ROI 1. CHARGEABILITY: Interest is payable if:- ROI is filed after the due date specified u/s 139(1); or ROI is not filed. 2. COMPUTATION: (a) Rate:- 1% per month simple interest. (b) Period:- Commences from the date next following the due date specified u/s 139(1) and ends on: (i) In case where ROI is filed, the date of filing of ROI, (ii) In case where ROI is not filed, the date of completion .....

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