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Provision Regarding Penal Interest And Penalty For Delay In Filing Income Tax Return Or Payment Of Tax in case of NRI

[Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds]

As stated earlier, penal interest under Section 234A at 1% per month is payable by the non-resident Indian on the belated submission of the income tax return, if he is required to voluntarily submit it under the provisions of Section 139(1). Likewise, where the non-resident Indian does not furnish the return of income within 30 days, when he is required to do so through an individual notice from the Assessing Officer, penal interest at 1% p.m. is also required to be paid. Similarly, in matters of delay in payment of income tax or where the income tax is allowed to be paid by instalments, interest at 1% p.m. is normally charged from the taxpayer. Likewise, on the refund of income tax, interest at 1/2% p.m. is paid by the Central Government under Section 244A. Where there is concealment of income, the minimum penalty leviable under Section 271(1)(c) is equal to the income tax and the maximum is equal to three time the income tax sought to be evaded. For non-payment of regular income tax a penalty can be levied by the Assessing Officer under Section 221 which may be increased from time, but not as to exceed 100% of the arrear income tax.

 
Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds
1. Income Tax Return To Be Voluntarily Filed And Tax Paid On Self-Assessment If An NRI has Taxable Income In India
2. The Assessing Officer Can Also Require The Non-Resident To File Income Tax Return
3. NRls Can Apply For Refund Of Income Tax By Filing Income Tax Return
4. Income Of Nris Is Generally Accepted Without Scrutiny
5. Regular Assessment After Personal Hearing, And Examination Of Papers, Etc. By The Assessing Officer
6. Ex Parte Assessment By The Assessing Officer
7. Re-Assessment Or Additional Assessment In Case Of Income Escaping Assessment
8. Completion Of Assessment And Payment Of Tax
9.Provision Regarding Penal Interest And Penalty For Delay In Filing Income Tax Return Or Payment Of Tax
10. Deduction Of Tax At Source And Payment Of Advance Tax By NRIs
11. Remedies By Way Of Appeal, Etc. Available To A Non-Resident Indian
12. Other Provisions For Rectification And Settlement Of Cases
13. Who can be an Agent of a Non-Resident Indian?
14. Procedure for getting a Permanent A/c Number (PAN)
15. Double Taxation Relief
16. Assessment Procedure for Wealth Tax
 
 
 
 
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