234a & 234b
This query is : Resolved
08 September 2014
is sec 234A and 234B is applicable to senior citizen having business income?
08 September 2014
Yes. Its applicable. Even 234C is applicable for Business Income.
Please note that from Financial year 2012-13 resident senior citizen, not having any income chargeable under the head “Profits and gains of business or profession”, is not liable to pay advance tax and such senior citizen is allowed to discharge his tax liability (other than TDS) by payment of self assessment tax.
Please note that from Financial year 2012-13 resident senior citizen, not having any income chargeable under the head “Profits and gains of business or profession”, is not liable to pay advance tax and such senior citizen is allowed to discharge his tax liability (other than TDS) by payment of self assessment tax.
09 September 2014
The view of Gupta Ji is covered u/s 207(2)(a) and (b) of the Income tax Act,1961.
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