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of <h1>Late Filing Penalties: Section 12 of Interest-tax Act Imposes 2% Monthly Interest on Delayed Returns Since 1992</h1> Section 12 of the Interest-tax Act, 1974, outlines the penalties for failing to furnish a return of chargeable interest on time. If a return is submitted late or not at all, the assessee must pay simple interest at a rate of 2% per month or part thereof, calculated from the day after the due date until the return is filed or the assessment is completed. The due date is defined as December 31 of the relevant assessment year. Adjustments in interest may occur based on orders under specified sections, and the provisions apply to assessments starting April 1, 1992, and onwards.
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