A. PAYABLE BY THE ASSESSEE

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. (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 gain 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.

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/s. 200(3)/200(6) (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.

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.

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.