Are you facing any doubts about your finances? Do you think that you lack information related to incomes, interests and tax and all? Well, you should get equipped with the right information and only then you can make the best of your deeds.<\/p>\n

Do you want to know about interest u\/s 234b<\/strong><\/a> or anything else but finding no valid data? You must be careful about your taxation because wrong tasks can land you in a problem. The point is a discipline in the realm of income tax return is absolutely important. Failing which, you might get accountable to file extra penalties on the amount due. However, there are myriad matters that can end up in the failure of tax deposits. These matters might be related to individuals or companies. For companies, it might emerge or occur because of failure to deposit advance tax or payment of tax that is less than the real tax liability.<\/p>\n

In case of an individual, if he or she does not deposit the tax at the correct time or does not cater for FORM 16 to present employer after a change of his company, he shall be liable for interest on tax payable. This is even known as default in furnishing the income. These penalties are smacked under Section 234A, Section 234B and that of Section 234C.<\/p>\n

Section 234A:\u00a0 It is the interest for defaults in furnishing return of the income. The IT Act has formed up provisions for a penalty of one percent every month or part of the month on the sum of tax payable. This interest is designed from the due date to the date of filing the income tax return.<\/p>