234b c interest

This query is : Resolved

Swasti Purohit (Querist)
Follow

11 March 2014 If an assessee has income from salary, house property, other sources and business income u/s 44AD, then will interest u/s 234b & 234c be applicable?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
Follow

11 March 2014 U/s 234B and U/s 234C interest shall be applicable in the case of assessee who are liable for payment to advance tax but failed to payment of sufficient advance tax with in the due date prescribed.

So for your case is you liable for payment of advance tax then section 234B&C interest shall not apply otherwise applies.

For your information if you have only Income from Business which is taxable under section 44AD then you are not liable for advance tax payment, But in your case you have another income also along with the business income u/s 44AD, so Advance tax liability shall arises you.Since interest u/s234B & C shall applicable to you.

OM SAI SRI SAI JAI JAI SAI

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

04 October 2021 yes, if your total tax liability exceeds 10K, advance tax payment is mandatory, or interest will be applicable.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Samruddhi Agrawal

N.Chandrasekaran

Rajesh

Rajesh Surapaneni

damodara rao tedla

Subscribe Now

234b c interest

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Senior Executive