Section 234G of the Income Tax Act, 1961, imposes a late fee on institutions, trusts, or funds that fail to: File the donation statement (Form 10BD)by the due date, or Issue donation certificates (Form 10BE)to donors on time. This provision ensures compliance for entities approved under Section 80G(5) (charitable donations) or Section 35(1A) (scientific research donations). 🔹 Key Provisions of Section 234G Applicability Applies […]

Section 234H of the Income Tax Act, 1961 imposes a fee for failure to intimate/link one’s Aadhaar number with PAN as required under Section 139AA. Here are the key provisions: When Does the Fee Apply? If taxpayer fails to intimate/link Aadhaar with PAN by the due date Applies when Aadhaar is mandatory for filing ITR

Section 220(2) of the Income Tax Act, 1961, imposes interest @ 1% per month on unpaid tax demands if the assessee fails to pay within 30 days of receiving the notice. 1. Key Provisions of Section 220(2) When Does Interest Apply? Tax demand raised(regular assessment, reassessment, penalty, etc.). Assessee fails to paywithin 30 days of the demand notice. Interest Rate & Calculation 1%

Section 201(1A) of the Income Tax Act, 1961, imposes interest on a deductor (employer, company, etc.) who either: Fails to deduct TDS(Tax Deducted at Source), or Deducts TDS but fails to deposit itwith the government on time. 🔹 Key Provisions of Section 201(1A) When Does Interest Apply? DEFAULT INTEREST RATE PERIOD OF CALCULATION Failure to deduct TDS 1% per month From the

Section 244A of the Income Tax Act, 1961, governs the interest paid by the Income Tax Department to taxpayers when refunds are delayed. This ensures taxpayers are compensated for the government’s use of their money. 🔹 Key Provisions of Section 244A When is Interest Payable? Interest is paid if: ✅ Refund arises due to excess tax paid (TDS, advance tax, self-assessment

The Income Tax Act, 1961, allows for the waiver or reduction of interest in certain cases, primarily under Section 220(2A). Below is a detailed breakdown of the rules, eligibility, and process for seeking relief from interest penalties. 🔹 Key Provisions for Interest Waiver 1.  Applicable Sections Section 220(2):Imposes 1% monthly interest on unpaid tax demands after 30 days of notice.