Section 234A of ITA, 1961 : Section 234A: Interest For Defaults In Furnishing Return Of Income

Explanation using Example

Imagine a taxpayer, Mr. Sharma, has a due date of July 31, 2021, to file his income tax return for the assessment year 2021-22. However, Mr. Sharma misses this deadline and ends up filing his return on December 10, 2021. According to Section 234A of the Income-tax Act, 1961, Mr. Sharma will be liable to pay interest on the tax due.

The interest calculation will be as fo...

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