In view of the coronavirus pandemic, the Income Tax Department has extended the deadline for filing ITR for the financial year 2020-21 till September 30, 2021. According to a leading news channel, in case of delay in paying the income tax or if there has been an outstanding, the taxpayer is required to pay interest on the outstanding tax, under three sections 234A, 234B and 234C of the Income Tax Act 1961. But if the tax liability is more than Rs 1 lakh, you will have to pay interest on the delay. Taxpayers have to pay 15 per cent, 45 per cent, 75 per cent and 100 per cent of advance tax by the 15th of June, September, December and March. If there is a shortfall in advance tax payment, an interest of 3 per cent is charged in that quarter.

Source: dna July 26, 2021 03:00 UTC