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

115QB

Failure to pay whole or any part of tax on distributed income u/s. 115QA (Buy-back of shares)

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

115TB

Failure to pay whole or any part of tax on income distributed by a Securitisation Trust u/s. 115TA

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

115TE

Failure to pay whole or any part of tax on accreted income of the trust or institution u/s. 115TD

Amount payable as tax on accreted income

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

201(1A)

Failure to deduct tax, wholly or in part (w.e.f. 1-7-2010)

Amount of tax not deducted

1% p.m. or part of a month

From the date on which tax was deductible to the date on which such tax is deducted

201(1A)

Delay in payment of tax deducted at source (w.e.f.
1-7-2010)

Amount of tax deducted and paid after the due date

1.5% p.m. or part of a month

From the date on which tax was deducted 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, relief u/s. 90 & 90A & deduction allowed u/s 91, tax credit allowed to be set off u/s. 115JAA/115JD (for purpose of interest payable u/s. 140A, the tax on total income as declared in the return)

1% p.m. or part thereof or 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:

1. No advance tax is paid u/s. 208, or

2. Advance tax paid u/s. 210 is less than 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

1. Shortfall/Non-payment of prescribed instalments
2. Shortfall of advance tax paid-up to 15th March from tax (one month) due on returned income

1% p.m. or part thereof comprised in the period of default.

1% p.m. or part thereof for one month

Three months in either case. If capital gains arises after any of due dates of instalments of advance tax, capital gains tax shall be paid in instalments falling due subsequent to date of gain. It is not necessary to pay entire tax on or before due date immediately following the gain

Shortfall not applicable in case of dividends received u/s. 115BBDA

234C

Failure to pay/deferment of advance tax in case of eligible assessee referred to in section 44AD

(Also applicable in case of eligible assessee referred to in section 44ADA)

Shortfall of advance tax paid- up to 15th March from tax due on returned income

1% w.e.f. 1-6-2016

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

234E

Default/delay in filing E-TDS statements within time prescribed u/ss. 200(3)/206C(3) (w.e.f.
1-7-2012)

Levy of fees not to exceed tax deductible/collectible

₹ 200 per day

From the due date till the date the default continues

234F

Default/delay in filing return of income u/s. 139 (w.e.f. 1-4-2018)

Levy of fees-

a. ₹ 5000

(If the return is filed on or before 31st December of AY)

b. ₹ 10,000

(In any other case.)

244A up to 31st May 2016

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

244A w.e.f. 1st June, 2016

Where the return of income is filed on or before the due date of filing the return of income

Amount of refund due provided it is not less than 10% of tax determined under section 143(1) or on regular assessment

0.5% p.m. or part thereof

From 1st April of the assessment year till the date of grant of refund

Where the return of income is filed after the due date of filing the return of income

As stated above

0.5% p.m. or part thereof

From the date of filing of return till the date of grant of refund

Where refund is arising out of self-assessment tax paid

As stated above

0.5% p.m. or part thereof

0.5% from the date of furnishing of return of income or payment of self-assessment tax wherever is later, till the date of grant of refund

244A (1A)

Refunds arising on account of giving effect to an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264

Amount of refund calculated in the order.

In addition to regular interest as stated above, additional interest @ 3% p.a. w.e.f.
1-6-2016

From date of expiry of time allowed u/s. 153(5) to the date of grant of refund

244A(1B)

Refunds arising on account of giving effect to an order under section 250 or section 254 or section 260 or section 262 (paid to the credit of the Central Government)

Amount of refund calculated in the order.

In addition to the said amount simple interest @ 0.5 % p.m. or part thereof

From the date on which claim for refund is made in prescribed form to the date on which the refund is granted.