Calculate interest under Indian Income Tax Act Section 234 A, 234 B and 234C for Non-corporate (i.e. Individual, HUF, Firm etc.) for AY 2017-18.
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.
|For non corporate (Individuals, HUFs, Firms, Co-operatives & Local Authorities) assessees whose accounts are required to be audited||30th September 2017|
|For salary earners and other non corporate assessees whose accounts are not required to be audited||31st July 2017|
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.
An assessee, other than an eligible assessee in respect of the eligible business referred to in section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or
Provided that if the advance tax paid by the assessee on the current income, on or before the 15th day of June or the 15th day of September, is not less than twelve per cent or, as the case may be, thirty-six per cent of the tax due on the returned income, then, the assessee shall not be liable to pay any interest on the amount of the shortfall on those dates.