Archive | Income Tax Penalty

Income Tax Return 31st March 2015

Haven’t filed your Income Tax Return yet? 31st March is the last date to file

If you haven’t filed your Income Tax Return for the past 2 financial years, do so before 31st March 2015. Return for financial year 2013-14 – Any individual who has a gross income of more than Rs 2,50,000 (before allowing any deductions) in financial year 2013-14 must file an Income Tax Return. If you did […]

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Interest under section 234C

Interest is payable under section 234C when a taxpayer has not paid advance tax as per the due dates or has underestimated installments of advance tax. See our post here to know if you are required to pay Advance Tax and also how interest under section 234B may apply when you have missed your Advance […]

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Interest under section 234B

Interest is payable under section 234B when there is a default in payment of Advance Tax. It is mandatory to pay advance tax in every case where the advance tax payable is Rs 10,000 or more. All heads of income are to be included for the purpose of calculation of Advance Tax. Advance Tax is […]

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