Who is not applicable to interest under 234B & C?I prepared an ITR 4S with Tax and Cess amounting to Rs 10645.But B & C interest is not Calculated on Calculate Tax.Can anyone Explain me why?
Mohammed Rafnas (Student CA Final ) (74 Points)
13 February 2014Who is not applicable to interest under 234B & C?I prepared an ITR 4S with Tax and Cess amounting to Rs 10645.But B & C interest is not Calculated on Calculate Tax.Can anyone Explain me why?
AUDITOR VINOTHKUMAR
(a)
(870 Points)
Replied 13 February 2014
Mr. Mohammed (applicable only 234 A for 4s)
Rohit Gupta
(Audit Executive)
(271 Points)
Replied 13 February 2014
Dear Vinoth Kumar,
Where it is written that 234B & C is not applicable on the person filing his eturn of income in form 4S. Please clarify???
AUDITOR VINOTHKUMAR
(a)
(870 Points)
Replied 13 February 2014
Dear , Rohit not applicable for 234 b & c (4s)
Rohit Gupta
(Audit Executive)
(271 Points)
Replied 13 February 2014
where it written. Give me the Section Number.
AUDITOR VINOTHKUMAR
(a)
(870 Points)
Replied 13 February 2014
If the income is declared under sec 44AD Presumptive profits, then interest u/s 234 B & C is not applicable on such income.
Rohit Gupta
(Audit Executive)
(271 Points)
Replied 13 February 2014
sir in which section this is written please give me the exact section no.
Rachit jain
(nil)
(34 Points)
Replied 13 February 2014
ravi sahu
(aarticle)
(44 Points)
Replied 13 February 2014
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 13 February 2014
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 13 February 2014
Deepak Gupta
(CA Student)
(15922 Points)
Replied 13 February 2014
> As per sec. 2(1), "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C.
.
> As per sec. 44AD(4), the provisions of Chapter XVII-C shall not apply to an eligible assessee in so far as they relate to the eligible business.
.
> Therefore, an assessee opting for presumptive taxation scheme u/s 44AD is relieved from the requirement of advance tax payments.
.
> Accordingly, there would be no liability for interest u/s 234B and 234C
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