Interest under Section 234A, 234B, 234C levis under Income-tax Act, 1961.
For calculation of Interest under Sec. 234A, 234B, 234C for FY 2020-21 of the Income Tax Act – Excel Calculator from the link given below. The file is updated with sample data to understand the working of the File.
Section 234A: Apply for the delay in furnishing the Income-tax return on or before the due date.
Interest is payable only if the return is filed after the original due date. Because the due dates for filing of IT return FY 2020-21 is extended.
Section 234B: Non-payment / short payment of Advance Tax.
Income Tax is to be assessed on a provisional basis and to be paid in Advance every quarter. At least 90% of the Assessed tax should be paid as Advance Tax as per the table given below when 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 of Assessment Year till the month of payment.
Section 234C: 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 in Financial Year.
The below table gives a birds-eye view of payment of Advance Tax to avoid interest under Sec. 234A, 234B, 234C for FY 2020-21 of the Income Tax.
| 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 |
The extension of due dates of Filing returns / reports FY 2020-21 are,
| Extended due date | Original due date | |
| Original IT return:
· Non-Audit case (First due date) · Audit case (second due date) · 92E case |
30-Sep 30-Nov 31-Dec |
31-Jul 31-Oct 30-Nov |
| Belated / Revised IT return | 31-Jan-22 | 31-Dec |
| Audit Report (except 92E) | 31-Oct | 30-Sep |
| 92E Report | 30-Nov | 31-Oct |
| Form 61A / 61B of FY 20-21 | 30-Jun | 31-May |
| Form 24Q, 26Q & 27Q of Quarter 4 of FY 20-21 | 30-Jun | 31-May |
| Issue of Form 16 (TDS certificates) of FY 20-21 | 15-Jul | 15-Jun |
| Form 24G of May, 2021 | 30-Jun | 15-Jun |
For calculation of interest of earlier years, click on below years.
