|
Section |
Circumstances under
which payable |
Amount on which payable |
Rate of Interest
(w.e.f. 8-9-2003) |
Period of interest |
|
A. PAYABLE BY THE ASSESSEE |
|
201(1A) |
Failure to deduct, wholly or in part
or delay in remitting, tax deducted
at source. |
Amount of tax not deducted or
amount of tax deducted and
paid after the due date. |
1% p.m. or part
of a month |
From the date on which tax was
deductible to the date on which
such tax is actually paid. |
|
206C(7) |
Failure to collect, or delay in
remitting tax collected from the
business of trading in alcoholic
liquor, forest produce, scrap, etc. |
Amount of tax not collected or if
collected paid after the due date. |
1% p.m.
|
From the date on which tax was
collectible to the date on which
the tax is actually paid. |
|
220(2) |
Failure, or delay in payment of any
amount other than advance tax, as
demanded u/s. 156.
|
Amount specified in the demand
notice issued u/s. 156.
|
1% p.m. or part thereof
comprised in the period
of default
|
From the day immediately
following the end of the period
mentioned in S. 220(1) up to
the date of payment. |
|
234A |
Defaults in furnishing return of
income u/ss. 139(1), 139(4), 142(1). |
Tax on total income as
determined u/s. 143(1) or
on regular assessment, as
reduced by advance tax paid,
TDS or TCS. (for purpose of
interest payable u/s. 140A, the
tax on total income as declared
in the return) |
1% p.m. or part thereof
comprised in the period
of default |
From the date immediately following
the due date [specified u/s. 139(1)]
to the date of furnishing of the return
or as the case may be, the date of
completion of the assessment
u/s. 144. |
|
234B |
Defaults in payments of advance tax
where:
- No advance tax is paid
u/s. 208 or,
- Advance tax paid u/s. 210 is
less tha 90% of the assessed
tax. [i.e., for purposes of
interest payable u/s. 140A,
the tax on total income
declared
in the return of income
and for
other purposes,the tax
on total
income as determined
u/s.
143(1) or on regular
assessment
(as reduced by TDS or TCS)].
|
Assessed tax, or as the case
may be, the amount by which
the advance tax paid falls short
of the assessed tax.
|
1% p.m. or part thereof
comprised in the period
of default
|
From 1st day of April of the relevant
A.Y. to the date of determination of
total income u/s. 143 (1) or regular
assessment.
|
|
234C |
Failure to pay/deferment of
advance-tax. |
Shortfall/Non-payment of
prescribed instalments.
|
1% p.m. or part thereof
comprised in the period
of default |
Three months in either case.
If capital gain arises after any
of due dates of instalments of
advance tax, capital gain tax
shall be paid in instalments falling
due subsequent to date of gain. It
is now not necessary to pay entire
tax on or before due date immediately
following the gain. |
|
|
|
Shortfall of advance tax paid
up to 15th March from tax due
on returned income. |
1%
(p.m. or part
thereof for one month) |
|
|
234D |
Interest on excess refund
(w.e.f. 1-6-2003) |
Amount refunded u/s 143(1)
exceeds amount refundable
on regular assessment. |
0.50% p.m. |
For every month or part of month
from the date of grant of refund
to date of regular assessment |
|
115P |
Failure to pay the whole or any part
of the tax on distributed profit. |
Amount payable as tax on
distributed profit |
1% p.m. or part thereof
comprised in the period
of default |
From due date on which such
tax was payable, to the date
on which it is actually paid. |
|
115S |
Failure to pay the whole or
any part of the tax on income
distributed by UTI/Mutual funds. |
Amount payable as tax on
income distributed. |
1% p.m. or part thereof
comprised in the period
of default |
From due date on which such
tax was payable, to the date on
which it is actually paid. |
|
115WJ |
Failure to pay/deferment of
advance-tax on fringe benefits. |
Shortfall/Non-payment of fringe
benefits tax for any quarter. |
1% p.m. or part thereof
comprised in the period
of default |
From due date on which advance
tax is payable till the time
shortfall continues |
115WK
|
Defaults in furnishing return of
fringe benefit u/ss. 115WD(1),
115WD(3) or 115WD(2). |
Tax on value of fringe benefits as
determined u/s. 115WE(1) or on
regular assessment, as reduced
by advance tax paid.
|
1% p.m. or part thereof
comprised in the period
of default |
From the date immediately
following the due date [specified
u/s. 115WD(1)] to the date of
furnishing of the return or as the
case may be, the date of
completion of the assessment
u/s. 115WF. |
|
B. RECEIVABLE BY THE ASSESSEE |
|
244A |
Refunds arising on account of excess
payment of advance tax or TDS or
TCS or refund arising on appeal,
refund of fringe benefit tax etc. |
Amount of refund due, provided
it is not less than 10% of tax
determined u/s. 143(1) or
115WE(1) or on regular
assessment. |
0.67% p.m. or part thereof
w.e.f. 1-6-2002 0.50%
p.m. or part thereof
w.e.f. 8-9-2003 |
From the 1st of April of the relevant
assessment year to the date on
which
refund is granted or from the
date of
payment of taxes or
penalties
to the date on which refund
is
granted as the case may be. |
