Home > Income Tax > Help Center > Interest Under Section 234A/B/CLast Updated: Feb 21st 2023
Every person is required to file Income tax returns and pay taxes in India if their taxable income exceeds basic exemption limit. Defaults in payment of taxes or filing income tax returns will lead to huge interest and penalties under different sections of income tax.
For Understanding Learn More On @ Interest for non-payment or shot payment of advance tax
Particulars | Upto 15th June | Upto 15th September | Upto 15th December | Upto 15th March |
---|---|---|---|---|
Tax payers other than those opting for presumptive u/s 44AD and 44ADA | Upto 15% total tax Period: 3months | Upto 45% of total tax Period: 3months | Upto 75% of total tax Period: 3months | Upto 100% of total tax Period: 1month |
Taxpayers opting for presumptive u/s 44AD and 44ADA | Nil | Nil | Nil | Upto 100% of total tax Period: 1 month |
Interest u/s 234C is not levied in respect of shortfall in advance tax payment if such shortfall is on account of under estimate or failure to estimate
For Understanding Learn More On @ Non-Applicability of interest u/s 234C
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