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of <h1>Taxpayers Receive 1% Deduction for Early Filing; 2% Interest Charged for Late Returns Under Section 141A</h1> Section 141A of the Income Tax Act, introduced by the Finance Act, 1963, provides relief and imposes interest on taxpayers in specific situations. If a taxpayer files a return and pays the tax due before January 1 of the assessment year, they receive a 1% deduction on the tax paid. If no return is filed by this date, or if the tax due is unpaid, a 2% annual interest is charged from January 1 until the assessment is completed. Payments made outside provisional or regular assessments are credited towards the taxpayer's account for the relevant year.
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