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of <h1>Interest Charged at 1% Monthly for Late or Non-Filing Under Section 234A of the Income Tax Act</h1> Section 234A of the Income Tax Act mandates interest payment for late or non-filing of the Return of Income (ROI). The interest is charged at 1% per month or part thereof, starting from the day after the due date under Section 139(1) until the ROI is filed or assessment is completed. The interest is calculated on the tax determined, reduced by tax deducted at source, advance tax, and applicable tax reliefs. If self-assessment tax is paid on time, it is deducted from the tax amount. Adjustments in interest are made based on subsequent orders affecting the tax amount.
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