India - Income Tax Act 2010 - Saarc

S. 234A I.T. ACT, 1961 1.81253[F.—Interest chargeable in certain cases 54Interest for defaults in furnishing return of income.234A. (1) Where the return of income for any assessment year under subsection(1) or sub-section (4) of section 139, or in response to a notice undersub-section (1) of section 142, is furnished after the due date, or is not furnished,the assessee shall 55 be liable to pay simple interest at the rate of 56 [one] per centfor every month or part of a month comprised in the period commencing on thedate immediately following the due date, and,—(a) where the return is furnished after the due date, ending on the dateof furnishing of the return; or(b) where no return has been furnished, ending on the date of completionof the assessment under section 144,57[on the amount of the tax on the total income as determined under sub-section(1) of section 143, and where a regular assessment is made, on the amount of thetax on the total income determined under regular assessment, as reduced by theamount of,—(i) advance tax, if any, paid;(ii) any tax deducted or collected at source;(iii) any relief of tax allowed under section 90 on account of tax paid in acountry outside India;(iv) any relief of tax allowed under section 90A on account of tax paid ina specified territory outside India referred to in that section;(v) any deduction, from the Indian income-tax payable, allowed undersection 91, on account of tax paid in a country outside India; and(vi) any tax credit allowed to be set off in accordance with the provisionsof section 115JAA.]Explanation 1.—In this section, “due date” means the date specified in subsection(1) of section 139 as applicable in the case of the assessee.58[Explanation 2.—In this sub-section, “tax on the total income as determinedunder sub-section (1) of section 143” shall not include the additional income-tax,if any, payable under section 143.]53. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.54. For CBDT’s Instructions on reduction/waiver of interest charged under section 234A/234B/234C, see Taxmann’s Income-tax Rules.55. For the meaning of the term “shall”, see Taxmann’s Direct Taxes Manual, Vol. 3.56. Substituted for “one and one-fourth” by the Taxation Laws (Amendment) Act, 2003, w.e.f.8-9-2003. Earlier the quoted words were amended by the Finance Act, 1999, w.e.f. 1-6-1999and Finance Act, 2001, w.e.f. 1-6-2001.57. Substituted for the words “on the amount of the tax on the total income as determinedunder sub-section (1) of section 143 or on regular assessment as reduced by the advancetax, if any, paid and any tax deducted or collected at source” by the Finance Act, 2006, w.e.f.1-4-2007. Earlier the quoted words were amended by the Direct Tax Laws (Amendment)Act, 1989, w.e.f. 1-4-1989.58. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.