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PENAL INTEREST ON TAX
Income tax alert: These taxpayers could receive scrutiny notices by June 30, 2026 under Section 143(2)The CBDT has set June 30, 2026, as the deadline for issuing scrutiny notices under Section 143(2) for FY 2025-26 returns. An internal deadl...15 Jun, 2026, 03.57 PM IST- India, US reaffirm push for trade deal, call talks ‘nearly done except commas’Recent trade negotiations in New Delhi marked a pivotal moment for India and the United States. A dedicated US delegation engaged with Indi...05 Jun, 2026, 12.54 AM IST
- SC order turns up tax heat on old benami transactionsThe Supreme Court has ruled that tax authorities can retroactively apply the benami law to confiscate assets from transactions predating 20...10 May, 2026, 08.48 AM IST
- Failed to report US stocks gained via ESOP? Use this one-time Amnesty scheme; Know how it worksA one-time amnesty scheme, the FAST-DS, has been introduced to help Indian residents and NRIs resolve past non-compliance with reporting fo...29 Apr, 2026, 01.06 PM IST
- Has the penal interest increased from 1% to 3% on advance tax payment in the new income tax bill 2025? Here’s what CAs sayThe Income Tax Bill 2025 initially contained a drafting error regarding interest calculation for advance tax payment shortfalls. The Lok Sa...12 Aug, 2025, 02.55 PM IST
- ITR filing due date extended but deadline to pay final tax without penalty is July 31 or Sept 15 now for FY 2024-25?Deposit tax without penalty: The Central Board of Direct Taxes (CBDT) has extended the last date to file income tax return from July 31, 20...23 Jun, 2025, 12.40 PM IST
- ITR filing deadline missed: A belated ITR for FY2023-24 (AY 2024-25) can only be filed under the new income tax regimeHow to File Belated ITR: A big disadvantage of filing a belated income tax return (ITR) is that, starting August 1, i.e., after the July 31...02 Aug, 2024, 04.08 PM IST
- Missing ITR filing deadline can cost you much more than just late filing feeCost of missing ITR filing deadline: Missing income tax return filing deadline of July 31 not only leads to payment of penalty of up to Rs ...18 Jul, 2024, 01.25 PM IST
- Advance tax first instalment payment deadline: Who has to pay, penalty for missing last dateAdvance tax payment: Individuals with a net income tax liability exceeding Rs 10,000 in any financial year must make advance tax payments. ...25 Jun, 2024, 12.52 PM IST
- Have you checked your advance tax liability? Pay by this date to avoid penaltiesAdvance tax: If your estimated tax liability for any given financial year after subtracting tax deducted at source (TDS) exceeds Rs 10,000 ...11 Mar, 2024, 10.13 AM IST
- What are the incomes on which advance tax can be paid in the next quarter without penal interestIncome tax rules say that if an individual's estimated tax liability for the financial year after subtracting tax deducted at source (TDS) ...14 Dec, 2023, 03.10 PM IST
- When is the last date to file a belated ITR?Now that the deadline for income tax return (ITR) filing is over, you can only file a belated ITR by paying a penalty and interest on the i...01 Aug, 2023, 12.16 PM IST
- Why TDS return filing is important: Delay in filing may cost upto Rs 1 lakh penalty, daily late feeThe last date for filing a TDS return for the first quarter of FY 2022-23 is July 31, 2022. If this deadline is missed, then there are pena...09 Nov, 2022, 11.37 AM IST
- Delay in ITR filing can cost these taxpayers 1% penal interest a month: Here’s whySelf-assessment tax dues are calculated after subtracting TDS, TCS and advance tax dues. Here is a look at how self-assessment tax is calcu...21 Sep, 2021, 10.54 AM IST
- How to reduce penal interest payable on tax if ITR filing delayed due to glitches in sitePenal interest is levied at 1 per cent per month or part thereof starting from August 1, 2021. If the self-assessment tax is deposited on o...20 Sep, 2021, 10.10 AM IST
- Self assessment tax liability for FY19-20 over Rs 1 lakh? Pay by July 31 to avoid penal interestAccording to a press release issued by the Central Board of Direct Taxes on June 24, 2020, no extension has been granted to individuals hav...04 Jul, 2020, 10.54 AM IST
- Penal interest applies on late payment of advance tax: Here's how to calculate itTaxpayer is liable to pay penal interest on advance tax if he has failed to pay any advance tax or the advance tax paid is less than 90& of...17 Aug, 2018, 01.31 PM IST
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