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MANDATORY & PENAL INTEREST UNDER SECTIONS 234A

Income Tax - Payment of Taxes and Interest - 08 - SECTION 234A(1) INTEREST FOR DEFAULT IN FURNISHING ROI 1. CHARGEABILITY: The assessee is liable to pay interest in the following cases:- ROI is filed after the due date specified u/s 139(1); or ROI is not filed. 2. COMPUTATION: (a) Rate:- 1% per month or part of the month simple interest. (b) Period:- The interest will be payable for the period Commencing from the date next following the due date specified u/s 139(1) and ends on: (i) In case wher .....

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t allowed to be set off u/s 115JAA and 115JD Note: Self Assessment tax paid u/s 140A shall be deducted if it is paid on or before the due date. (In view of Supreme Court decision in case of Dr. Prannoy Roy) 3. COMPUTATION OF INTEREST FOR PAYMENT UNDER SECTION 140A (relating to self assessment tax) (a) Substitute the words Tax determined u/s 143(1) or on assessment u/s 143(3)/144/147/153A by the words tax on income declared in ROI . 4. Interest payable under this section shall be reduced by the i .....

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