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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clause 423 of Income Tax Bill 2025 requires 1% monthly interest for late or unfiled tax returns.</h1> Clause 423 of the Income Tax Bill, 2025, mandates that if an assessee fails to furnish their return of income by the due date or at all, they must pay simple interest. The interest is calculated at 1% per month on the tax amount due, starting from the date immediately after the due date until the return is furnished or assessment is completed. The provision details different scenarios for calculating the interest based on whether a return is filed late or not at all, and adjustments are made if subsequent orders alter the tax amount. Various tax payments and credits are considered in determining the interest payable.
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