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| Section |
Nature of Default |
Interest Rate |
Period and Amount on which payable |
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115P
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Failure to pay the whole or any part of the tax on distributed profit
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1.00 %
p.m.
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From due date on which such tax was payable, to the date on which it is actually paid
on Amount payable as tax on distributed profit.
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115S
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Failure to pay the whole or any part of the tax on income distributed by UTI / Mutual funds.
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1.00 %
p.m.
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From due date on which such tax was payable, to the date on which it is actually paid
on Amount payable as tax on income distributed.
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201(1A)
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Failure to deduct tax, wholly or in part (w.e.f. 1-7-2010)
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1.00 %
p.m.
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From the date on which tax was deductible to the date on which such tax is deducted
on Amount of tax not deducted.
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201(1A)
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Delay in payment of tax deducted at source (w.e.f. 1-7-2010)
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1.50 %
p.m.
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From the date on which tax was deducted to the date on which such tax is actually paid
on Amount of tax deducted and paid after the due date.
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206C(7)
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Failure to collect, or delay in remitting tax collected from the business of trading in alcoholic liquor, forest produce, scrap, etc.
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1.00 %
p.m.
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From the date on which tax was collectible to the date on which the tax is actually paid
on Amount of tax not collected or if collected paid after the due date.
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220(2)
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Failure, or delay in payment of any amount other than advance tax, as demanded u/s. 156.
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1.00 %
p.m.
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From the day immediately following the end of the period mentioned in Section. 220(1) up to the date of payment
on Amount specified in the demand notice issued u/s 156.
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234A
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Defaults in furnishing return of income u/s 139(1), 139(4), 142(1).
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1.00 %
p.m.
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From the date immediately following the due date specified u/s 139(1) to the date of furnishing of the return or as the case may be, the date of completion of the assessment u/s 144
on Tax on total income as determined u/s 143(1) or on regular assessment, as reduced by advance tax paid, TDS or TCS. (for purpose of interest payable u/s 140A, the tax on total income as declared in the return).
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234B
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Defaults in payments of advance tax where:
1. No advance tax is paid u/s 208 or,
2. Advance tax paid u/s 210 is less than 90% of the assessed tax.
Note - For purposes of interest payable u/s 140A, the tax on total income declared in the return of income and for other purposes, the tax on total income as determined u/s 143(1) or on regular assessment (as reduced by TDS or TCS).
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1.00 %
p.m.
|
From 1st day of April of the relevant A.Y. to the date of determination of total income u/s 143(1) or regular assessment
on Assessed tax, or as the case may be, the amount by which the advance tax paid falls short of the assessed tax.
Note - For purposes of interest payable u/s 140A, the tax on total income declared in the return of income and for other purposes, the tax on total income as determined u/s 143(1) or on regular assessment (as reduced by TDS or TCS).
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234C
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Failure to pay / deferment of advance-tax
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(a) 3.00 % for other than Last Installment and
(b) 1.00% for Last Installment.
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(a) on Shortfall / Non-payment of prescribed installments.
(b) on Shortfall of advance tax paid up to 15th March from tax due on returned income.
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234D
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Interest on excess refund (w.e.f. 1-6-2003)
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0.50 %
p.m.
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For every month or part of month from the date of grant of refund to date of regular assessment
on Amount refunded u/s 143(1) exceeds amount refundable on regular assessment.
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