Where the return of income for any assessment year is furnished after the due date or is not furnished, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month for the period commencing on the date immediately following the due date upto the date of furnishing the return (in cases where return is furnished after the due date) or upto the end of the Assessment Year (in cases where no return is furnished) on the amount of shortfall in total income tax payable by the assessee.
In simple words, interest @ 1% per month is payable on the amount of income tax paid after the due date for filing of the return.
|Corporate assessees who are required to furnish report u/s 92E of the Income Tax Act||30th November 2016|
|For all other Corporate assessees.||30th September 2016|
An assessee who is liable to pay advance tax has failed to pay such tax or where the advance tax paid by such assessee is less than ninety per cent of the assessed tax, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month for period from the date on which the payment of advance tax became due on the amount of shortfall in the amount of advance tax paid.
In simple words, interest @ 1% per month is payable on the amount of income tax paid after the end of the financial year.
Interest is payable @ 1% for 3 months on the amount of shortfall in payment of advance tax became due on 15th June (applicable only to Corporate assessees), 15th September (all assesses) and 15th December (all assessees) and interest @ 1% on the amount of shortfall in payment of advance tax became due on 15th March (all assessees).
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