What is Sec 234A of Income Tax Act?

Interest under section 234A is levied for delay in filing the return of income. Interest is levied at 1% per month or part of a month. The nature of interest is simple interest. In other words, the taxpayer is liable to pay simple interest at 1% per month or part of a month for delay in filing the return of income.

What is section 10 exemption in income tax?

Section 10 of the Income Tax Act covers many allowances such as Leave Travel Allowance, Uniform Allowance, Travelling Allowance, House Rent Allowance and some more. However, some special allowances that are exempt fall under Section 10 (14).

What is procedure of self assessment?

As the name suggests, Self Assessment Tax is the tax which is computed by the taxpayer on his own and then deposited with the govt. The Self Assessment Tax shall be paid before the filing of income tax returns. Recommended Read: E-filing your Income Tax Return Online.

What is Penalty Code 11C and N11C?

Code 11C is for Penalty Order u/s 271(1) (c) and N11C is for Order Other than u/s 271(1) (c). Share.

How HRA is calculated?

How is Exemption on HRA calculated?

  • Actual HRA received from employer.
  • For those living in metro cities: 50% of (Basic salary + Dearness allowance) For those living in non-metro cities: 40% of (Basic salary + Dearness allowance)
  • Actual rent paid minus 10% of (Basic salary + Dearness allowance)

What is section 140A (1) of income tax?

Such income tax liability is discharged by the taxpayer in various forms like advance tax or tax deduction at source (TDS) or self-assessment tax. Section 140A (1) deals with the self-assessment tax.

What is Section 139 of Income Tax Act of India?

“140A. (1) Where a return has been furnished under section 139 and the tax payable on the basis of that return as reduced by any tax already paid under any provision of this Act exceeds five hundred rupees, the assessee shall pay the tax so payable within thirty days of furnishing the return.

How to pay self assessment tax under ITNs 280?

Please make sure that self assessment tax which you pay accompanies Challan no./ITNS 280. You can pay the self assessment tax at any authorized bank or online, through following link : You will have to mention the details of self assessment tax paid such as Challan no., date of payment, etc. in your Income Tax Return.