Interest applicable

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Prakash Naidu

Prakash Naidu (Querist)
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24 July 2014 Interest u/s 234B and 234C is applicable to senior citizen?

Arun Singh

Arun Singh (Expert)
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24 July 2014 It is applicable on every assessee if tax liability is there and he has not paid the same.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 July 2014 Resident senior citizen, not having any income chargeable under the head Profits and gains of business or profession, shall not be liable to pay advance tax and such senior citizen shall be allowed to discharge his tax liability (other than TDS) by payment of self assessment tax.

So 234C interest applicable to senior citizens only if they have income fron Business or Profession.