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of <h1>Income Tax Bill 2025 Clause 423 replaces Section 234A with matrix-based interest calculation for filing defaults</h1> Clause 423 of the Income Tax Bill, 2025 proposes to replace Section 234A of the Income Tax Act, 1961, governing interest on defaults in filing income tax returns. The provision maintains the 1% monthly interest rate but introduces a formulaic, matrix-based approach covering various default scenarios including late filing, non-filing, and reassessment situations. It provides clearer computation rules, updated section references, and comprehensive coverage of tax credits and reliefs. The provision includes mechanisms for interest adjustment following appellate orders and excludes additional income tax from the interest base. This structured approach aims to reduce interpretational disputes and enhance administrative efficiency while maintaining the compensatory nature of interest charges.
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