Is there any interest applicability, if I file my ITR after due date?

Yes, Section 234A will be applicable for defaults in furnishing return of income.

Where the return of income for any assessment year is furnished after the due date or not furnished, the assesse shall be liable to pay simple interest at the rate of 1 % for every month or part of a month comprised in the period commencing on the date immediately following the due date, and

  • Where the return is furnished after the due date, ending on the date of furnishing of the return; or
  • Where no return has been furnished, ending on the date of completion of the assessment under Section 144.

Amount for Interest:

Amount of tax on total income determined as reduced by the amount of –

  • advance tax, if any, paid
  • any tax deducted or collected at source
  • any relief of tax allowed under section 90 on account of tax paid in a country outside India
  • any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section
  • any deduction, from the Indian income-tax payable, allowed under section on account of tax paid in a country outside India
  • any tax credit allowed to be set off in accordance with the provisions of section 115JAA or section 115JD

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