Interest under Section 234A, 234B, and 234C levis under Income-tax Act, 1961.
Download the Free Excel calculator for calculation of Interest under section 234A, 234B, and 234C of Income Tax Act from the below link. The file is updated with sample data.
Section 234A: Apply for the delay in furnishing of the income tax return in the time of before due date.
Interest is payable only if the return is filed after the due date.
Section 234B: Appy for non-payment / short payment of Advance Tax.
Income Tax is to be assessed and paid in Advance every quarter. At least 90% of the Assessed tax should be paid in advance if the Tax liability is of Rs. 10,000 or more (This is after TDS/TCS/MAT Credit). The delay in months is calculated from April till the month of payment.
Section 234C: Apply for Deferment of Payment of Advance Tax/delay in periodic payment of Tax.
Interest is payable if there is deferment or delay in payment of Advance Tax.
Below are the advance tax payment slabs for interest u/s 234 ABC payable.
| Due date of payment of Advance Tax | In case of all taxpayers other than taxpayer opting for presumptive income u/s 44AD | Taxpayers opting for presumptive income u/s 44AD | Interest payable on shortfall for… |
| 15th June | 15% of advance tax is payable | NIL | 3 months |
| 15th September | 45% of advance tax is payable | NIL | 3 months |
| 15th December | 75% of advance tax is payable | NIL | 3 months |
| 15th March | 100% of advance tax is payable | 100% of advance tax payable | 1 month |
For calculation of Interest for FY 2018-19 click here to download in Excel for free.
