Filing date for Income Tax

They will charged interest but no penalty

Dear Sir,

Hope you are doing well !!

Only interest will be charged for late payment.

No penalty will be charged for the same.

Dear Sir

Due date for all has been pushed to 31 nov 2020. it is not just for senior citizen it is for every taxpayer.

The interest on late payment is calculated at 1% simple interest on the tax amount due, calculated from individual cut off dates shown above, until the date of actual payment of outstanding taxes.

Calculation of Interest under section 234C: (in case of a tax payer other than opting for presumptive income u/s 44AD).

Here’s how you calculate the interest:

Period of  Amount on which

Rate of Interest

Period of Interest

Amount on which interest is calculated

If Advance Tax paid on or before June 15 is less than 15% of the Amount*     

Simple interest @1% per month

3 months

15% of Amount* less tax already deposited before June 15

If Advance Tax paid on or before September 15 is less than 45% of the Amount*

Simple interest @1% per month

3 months

45% of Amount* less tax already deposited before September 15

If Advance Tax paid on or before December 15 is less than 75% of the Amount*

Simple interest @1% per month

3 months

75% of Amount* less tax already deposited before December 15

If Advance Tax paid on or before March 15 is less than 100% of the Amount*       

Simple interest @1% per month

3 months

100% of Amount* less tax already deposited before March 15

*Amount = Tax on total income less TDS less relief u/s 90 or 91 less tax credit u/s 115JD

Let’s say your total tax liability for this financial year is Rs. 100,000 it needs to be paid in installments.

Here’s how:

Payment Dates

Advance Tax payable

Total Advance Tax paid

Shortfall (Cumulative)

Penalties (Cumulative)

15th June

15,000

5,000

10,000

@1% * 3*10,000 = 300

15th September

45,000

25,000

20,000

@1% * 3 *20,000=600

15th December

75,000

35,000

40,000

@1% * 3 *40,000=1200

15th March

100,000

50,000

50,000

1% * 1 *50,000=500

So the total interest that you need to pay is Rs. 2600.

there is no distinction between the individual and the sole proprietorship.

Both are same.

Hello,

The due date has been extended to 31st Nov. 2020 for every taxpayer.

For delayed payment of income tax, interest would be charged and no penalty.

I hope this answer satisfies your requirements.

Regards,

CA Hunny Badlani

Hi

Only interest will be charged no penalty.

 Simple interest @1% per month is levied u/s. 234B and 234C.

Hi

Yes, the due date has been extended to 30th Nov 2020. This is applicable for all taxpayers.

Interest under section 234B and 234C shall be applicable for late payment and non payment of advance taxes. Interest is levied @ 1% per month. 

There are no penalties levied.

In case you are planning to file your returns in Nov, you can at least pay the due taxes now so that interest is levied only till current month and not till Nov.

 Interest@ 1% will be charged on late payment

Calculation of interest will be done under section 234C.

Sole proprietor & individual are same.

Interest liability will arise due to short payment of advance tax. Interest will be approx [deleted].

- Interest for deferred payment and short payment of advance tax will be payable. Rate is % per month. No other penalty.

Is the senior citizen earning any income under Business or profession? If yes, he will need to pay interest for non payment of advance tax. If not he is not required to pay advance tax and hence no interest on advance tax.

As far as 234A interest is concerned senior citizen will have to pay that.

Interest u/s 234A shall be 1% per month.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Similar would be for each section i.e. for advance tax 234B from April 2020 and 234C for each installment 1% per month and for 234A 1% per month from 31.07.2020 individually.

I will need the tax and income amount for calculating exact amount.

For both due date has been 30 nov 2020.

Interest will be on Sec 234 b & 234 c for non payment of advance tax if any.