Mandatory & Penal Interest - Section 234A

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..... the month simple interest. (b) Period:- The interest will be payable for the period commencing from the date next following the due date specified u/s 139(1) and ends on: (i) In case where ROI is filed, the date of filing of ROI, (ii) In case where ROI is not filed, the date of completion of assessment u/s 144 / 147 / 153A . Note:- Part of the month shall be considered as full month. (c) Amount on .....

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..... . 4. Interest payable under this section shall be reduced by the interest. If any, paid u/s 140A or otherwise. 5. In case where an assessee has failed to furnish ROI, then interest u/s 234A shall be applicable. 6. For computing interest, Tax means Income Tax including surcharge Education Cess . 7. Where as a result of an order made u/s 154/ 250/ 254/ 260A/262/263/264 or order of settlement commis .....

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..... ayable XXXX Interest payable shall be: - Amount on which interest is payable * 1%* No. of Months XXXX Step II: Tax on Total Income declared in ROI XXXX Less: (i) Tax deducted/collected at source XX (ii) Advance Tax Paid XX (iii) Amount of tax Relief u/s 89 , 90 and 90A and deduction of income tax payable u/s 91 , XX (iv) Tax Credit allowed to be set off u/s 115JAA / 115JD from tax on the total inc .....

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