234-B and 234-C
This query is : Resolved
09 June 2011
My Client business is covered u/s 44AD for the Asst Year 2011-12. He is liabile to pay Income-tax Rs.20000/- under this scheme for the above said Asst Year 2011-12. Whether interest u/s 234-B & 234-C will be attracted or not! An assessee opting for the above scheme shall be exempted from payment of advance tax related to such business.
CA PARAS BAFNA
(Expert)
09 June 2011
As 234B and 234C are related with Advance Tax Payments, and Provisions contained in Chapter XVII-C RELATED WITH ADVANCE TAX are not made applicable by Section 44AD,
There is no need to pay interest U/s 234B and 234C of the Act in case timely Return is being filed. For belated Returns also only Section 234A would be applicable.
There is no need to pay interest U/s 234B and 234C of the Act in case timely Return is being filed. For belated Returns also only Section 234A would be applicable.
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