Income Tax Act provides that if an assessee does not file return within due date , he will have to pay interest under section 234A on tax payable on the total income. Similarly, if an assessee does not pay advance tax up to extent it is provided in section 234B & 234 C , again interest for shortfall in interest will also have to be paid. Some time back , this site had published story Are You Charged With Illegal Interest u/s 234A ? . What basically was brought before you in that story was that the Supreme Court has held that interest u/s 234A can not be charged in case where tax has been paid in full before due date of filing of tax return , but actual return is filed late.
Present , post however , is bringing before readers the scope of waiver of interest u/s 234A, 234B & 234C in certain situation. In other words, government has provided relief from interest u/s 234A to 234C in certain types of situation.