If you fill in a self-assessment tax form, for example if you are self-employed, then getting the rebate is easy. in the case of non-audit cases on or before 31 st July and in the case of audit cases on or before 30 th September and if paid beyond the said dates they have to bear interest under section 234A @ 1% per month or part thereof. Due to current pandemic, the author expects CBDT to meet the expectations of honest taxpayers and come up with suitable amendment. Dear, “Provided further that the extension of the date as referred to in sub-clause (b) of clause (i) of the first proviso shall not apply to Explanation 1 to section 234A of the Income-tax Act, 1961 in cases where the amount of tax on the total income as reduced by the clauses (i) to (vi) of sub-section (1) of the said section exceeds one lakh rupees”. Extension of the tax filing date and applicability of 234A are interrelated and the Finance Ministry could have easily anticipated this impact. If you complete a self assessment tax return, you should include your non-ISA savings interest on the form as usual. As Lockdown was enforced from 23 03.2020 onwards, I could not remit my IT for the FY 2019-20 (AY 2020-21). Kindly take it to tax authorities on behalf of similar tax payers. HMRC have announced that: The … Self Assessment - Interest. Our industry faces testing times, which is why we're asking for your support. Rate of interest. In case he misses out on a portion of the income when he is making the final payment, it is possible that the TDS hasn’t been deducted or the payment has been done at a lower rate. Today I was shocked when I received the tax computation from my CA with interest for non payment of SA amount before 31July’20. 21 December 2017 at 10:52PM edited 30 November -1 at 12:00AM in Cutting Tax. In case advance tax is paid on or before December 15 is less than 60% of the taxable amount, interest of … Further, as the time line to file TDS return is extended upto 31st July 2020 and issuance of TDS certificate thereto by 15th August 2020, most banks/tax deductors have not yet filed their TDS returns and taxpayers is in limbo to ascertain SA Tax. You don't say if your ISAs are held in cash or stocks and shares (or a mix of both), but in essence any gains you make within the ISA wrapper are generally free of tax so, if you have a stocks and shares ISA, any dividend income is free of tax and won't count towards your annual dividend allowance. interest attracts only for august on amount of tax which is unpaid and for further period the int calculation will be nil even you are filling your ITR late. No need that some one or some forum should fight vigorously, the lawmakers and the governing body themselves shall consider these genuine issues. I would earnestly request the honorable Prime Minister and Finance Minister to waive the interest under section 234A for senior citizens and to make an announcement at the earliest on all TV channels and newspapers. If they are considerate, they should refund the interest and penalty charged so. In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements due to the outbreak of Novel Corona Virus (COVID-19), the Government has issued Notification dated 24th June 2020 under the Ordinance for extension in the time limits for making various compliances falling due between 20th March 2020 to 31st December 2020. You just enter the details of the 8% interest part of the PPI refund on your tax return as “savings interest” and put in how much tax was deducted from this. 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