DUE DATES FOR FILING TAX RETURNS-

1. WHAT ARE THE DUE DATES FOR FILING OF INCOME TAX RETURNS?

The Due dates for filing Income Tax returns are:-

1. Where the assessee is a Company – 30th September of the Assessment Year.

2. Where the assessee is required to furnish report under section 92E pertaining to international or specified domestic transactions- 30th November of the Assessment Year

3. Where the assessee is a person other than a company:-

a) where accounts of the assessee are to be Audited or a working partner of a firm whose accounts are required to be audited under the Income Tax Act or any other law – 30th September of the Assessment Year.

b) Any other assessee – 31st July of the Assessment Year.

2. CONSEQUENCES OF SUBMISSION OF INCOME TAX RETURN AFTER DUE DATE

If a return is submitted after the due date, the following consequences will be applicable:

1. The assessee will be liable for penal interest under section 234A.

2. Penalty u/s section 271F is levied if return is filed after after the due but on or before 31st December of assessment year of Rs. 5000 and of Rs 10,000 if the return is files after 31st December assessment year. However the amount of penalty shall not be more than Rs 1,000 if the total income does not exceeds Rs 5 Lacs.

3. If the return of loss is submitted after the due date, a few losses cannot be carried forward.

4. If the return is submitted belated, deductions allowable under certain sections will not be available.

3. INTEREST UNDER SECTION 234A FOR LATE OR NON-FURNISHING OF INCOME TAX RETURN

For     defaults in furnishing Return of income Simple interest @ 1% for every month or Part thereof from the due date of filing of the Return to the date of furnishing of the return & in case return is not filed, it is upto the date of completion of assessment u/s 144. The interest is calculated on the amount of the tax on the total assessed income as determined under sub-section (1) of section 143 or on regular assessment u/s 143(3) as reduced by the Advance Tax, if any, paid and any tax deducted or collected at source.

4. IF AN ASSESSEE DOES NOT FILE HIS RETURN OF INCOME, IS ANY FEE IMPOSABLE UPON HIM?

Yes, Fees under section 234F is levied if return is filed after after the due but on or before 31st December of assessment year of Rs. 5000 and of Rs 10,000 if the return is files after 31st December assessment year. However the amount of penalty shall not be more than Rs 1,000 if the total income does not exceeds Rs 5 Lacs. Interest is also chargeable for non-filing or late filing, as shown above.

5. IS TAX TO BE PAID DURING THE FINANCIAL YEAR ON THE BASIS OF PAY AS YOU EARN?

Yes, Such payments have to be made in installments and are known as ‘Advance-Tax’ payments. However the liability for payment of advance tax arises only where the amount of such tax payable by the assessee during that year is Rs. 10,000 or more.

The due dates and the percentage of installments of Advance Tax for corporate and non-corporate assessees are as below :-

Corporate/Non- corporate Assesee (other than assessee who declares income u/s  44AD(1)/ 44ADA(1))
Due Date Amount due
On or before 15 June 15% of tax due on the returned income or the amount of such advance tax paid
On or before 15 September 45% of tax due on the returned income or the amount of such advance tax paid
On or before 15 December 75% of tax due on the returned income or the amount of such advance tax paid
On or before 15 March 100% of tax due on the returned income or the amount of such advance tax paid

IF THE TAX PAYER FAILS TO PAY 90% TAX PLUS APPLICABLE INTEREST THEN HOW IS INTEREST FOR SHORT PAYMENT OF SUCH ADVANCE-TAX CALCULATED?

6. INTEREST UNDER SECTION 234B FOR SHORT PAYMENT OF ADVANCE TAX

Shortfall in payment of Advance tax of more than 10%. Simple interest @ 1% for month or part thereof is chargeable w.e.f. 1st April of the Assessment Year to the date of determination of income u/s. 143(1)   or regular assessment u/s 143(3)   on the  assessed tax.
‘‘Assessed tax’’ means the tax on the total income determined under sub section (1) of section No. 143 or on regular assessment u/s 143(3), as reduced by the amount of tax deducted or collected at source.

 7. HOW IS INTEREST UNDER SECTION 234C FOR DEFERMENT OF ADVANCE-TAX CALCULATED?

INTEREST U/S. 234-C FOR DEFERMENT OF ADVANCE

(A) INTEREST U/S. 234-C FOR DEFERMENT OF ADVANCE

TAX {Corporate/Non- corporate Assesee (other than assessee who declares income u/s 44AD(1)/44ADA(1)}

Corporate/Non- corporate Assesee (other than assessee who declares income u/s 44AD(1)/44ADA(1))
Due Date
On or before 15 June Amount due Rate of interest
On or before 15 September 15% of tax due on the returned income or the amount of such advance tax paid Simple Interest @ 1% per month or part of the month for 3 months
On or before 15 December 45% of tax due on the returned income or the amount of such advance tax paid Simple Interest @ 1% per month or part of the month for 3 months
On or before 15 March 75% of tax due on the returned income or the amount of such advance tax paid Simple Interest @ 1% per month or part of the month for 3 months
100% of tax due on the returned income or the amount of such advance tax paid Simple Interest @ 1% per month or part of the month for 1 month

However  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,  thirty-six per cent respectively  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. Also any amount paid by way of Advance Tax on or before the 31st March of that year, is treated as Advance Tax Paid during that Financial Year.

Moreover, no interest is leviable if the short fall in payment of advance-tax is on account of under estimation or failure to estimate the amount of capital gains or any income from winnings from lotteries, crossword puzzles, races, and other games including an entertainment program on television or electronic mode, in which people compete to win prizes etc., and the assessee has paid the tax on such income as part of the remaining instalments of advance tax which are due or if no instalment is due, by 31st March, of the Financial Year.

Wef A.y 2017-18: The assessee who declares income u/s 44AD(1)/44ADA(1) should pay pay the entire tax (100%) as advance tax on or before 15th march.If there is any shortfall, interest shall be levied simple [email protected]% per month or part of the month on the short amount.

(Republished with Amendments)

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26 Comments

  1. R GANESH BHAT says:

    I have filed my I T Return on 15/09/2018 for AY 2018-19 Total tax liability comes 72846/- TDS for Rs.5008 was deducted from Salary on 07.03.2019 10E Relief for Rs.69266 was calculated and uploaded while filing return A refund of Rs.1430 was resulted The same was processed and Interest u/s 234B for Rs.7458 and 234C 3424 was levied and the liablity occured while adjusting 1430/- comes to 9454/ Pl let me know the calculation of both interests

  2. Bhanu Prakash says:

    Good Evening Sir,
    Sir my Excise input nearly 9 lacks, i am submitted
    tran1 file but not show in input credit ledger.
    please sir give me good suggestion

  3. Yogender Singh says:

    i am a govt employee.My taxable income for assess.. year 16-17 was 492210 and tax liability was 22888. Tds deducted by employer was apr15-100,may15 to jan16 Rs 500 per month,Rs. 3000 in Feb16 and Rs 22221 +667 edu cess on 14 mar 16. I filled return within due date. Now i received demand letter from Income tax deptt shows interest234B-Rs 5472 +interest 234 C-Rs 843 total=6315 .What is this.

  4. SATYAM SINHA says:

    SIR one of my client in itr1 he has been levied for 234a = 146 understood it as 1% of 14600/-
    as late return filed in august
    234b = 730 understood it as 5×1% of 14600/- (5months)
    234c = 739 how calculated where exactly 14695/- paid in august full tax; i don’t understand

  5. prashant says:

    an individual received gift from father-in-law for say, Rs 1 lakh. he invested it in KVP. after maturity he gifted the whole amount of Rs 2 lakh to his wife. in this case will the individual have to pay tax on the anount of money gifted to his wife ?

  6. Ajay Mishra says:

    Sir, I have FDs with a Bank. I did not submit Form 15H as I have taxable Income. The Bank did not deduct TDS on the interest on FDs paid to me. At the end of the FY 2015-16 I came know this fact. Now I have to pay Income tax about Rs. 6000. How should I calculate the interest on it? I have to pay the tax before 31.07.2016 so that I may submit my e-return. Kindly suggest immediately.

  7. Harish Sama says:

    Sir, will the interest amounts change if we create a revised return of income?, assuming that Interest under all the sections were imposed on the original return and also there is an increase in the income of the assessee after creating a revised return..

    Thanks in Advance…

  8. ghrao says:

    i filed return belatedly by 3 months manually with 3 CB and 3 CD. will it attract penalty?
    in one financial year some data is not attached as schedule. like sundry creditors. for that will the dept. charge penalty of o,5% by including this in turn over.?

  9. KJ says:

    I have filed my returns for the F.Y -2013-14 on Nov-29, 2014. Is interest under sec 234A applicable, as the due date for filing IT returns for the FY-2013-14 has been extended upto 30-11-2014?

  10. Anil J Chanchani says:

    Iamasalaried person for asstyear 2014-15 O have less deposited I tax of rs12000/ so what will be interest and any penalty

  11. Umesh Desai says:

    Sir,
    I am a sr citizen and my total income by interest on deposits is 4,76,500. I have paid advance tax Rs10,000 on 13th Dec 2013. Now from the tax calculator of IT my payable tax is 20670+413+207=21270.Minus ad.tax 10000=11270. Should i pay any interest now while paying the balance amount?

  12. Sabin Bhaskar says:

    AS provided under Sec. 208, the liability to pay advance tax arises only where the amount of tax payable by the assessee during that year is Rs. 10,000 or more and not 5000.

  13. mamta says:

    i have filed my orginal return in sept that is within d due date and revised the same in march (increasing the income and taking credit for tds) advance tax payment is made on 20th march..234B Will be applicable for how many months

  14. VASU says:

    Sir,

    I filed ITR 2 return before the due date of A.Y.2011-12, when I am filing the revised return of the same in the PART B interest is calculating in 234A instead of 234B&C.  How can I rectify the mistake.

    Kindly help me,
    Thanking you,

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