06 February 2012
presumptive profit u/s 44ad 382685 short term capital gain 88190 interest income 8986 gross total income 479861 less:80c 33106 total income 446760 tax 28676 ec 860 interest234a 1180 total tax 30720 self assessment tax paid on 29-11-2011 & return filed (itr-4) on 29-11-2011 for individual.At the time of filing return interest u/s 234b & 234c not shown in the software also. intimation received u/s 143(1),demand for 234b & 234c raised of rs.2394 & 1093 respectively.shall i pay tax for 234b & 234c or any other solution,please guide me as early as possible.
06 February 2012
Interest U/s 234B and 234C and is not leviable in respect of income declared U/s 44AD. . Sub-section (4) of Section 44AD clearly spells out that Chapter XVII-C shall not apply so far as it relates to the eligible business. . STCG and IFOS income also does not give rise to advance tax liability. . In my view, the notice has wrongly been issued and on the above ground waiver of demand is possible. .
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