Advance tax

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Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2015 Dear sir,

Whether I have income of Rs. 8,32,000/- comprising , income from rent ( house property ) and interest on loan , in that case , should I deposit any advance tax. and will be attract interest of section 234A or not.

Thanks in advance.
Subhash Jain

Deepti Asawa

Deepti Asawa (Expert)
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29 April 2015 Yes, you should deposit advance tax.

https://taxguru.in/income-tax/advance-tax-provisions-in-brief-download-advance-tax-payment-challan-and-utility-to-pay-income-tax-online.html

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2015 Thanks Deepti for your reply ,

But as per section 207 of income tax act,

[(2) The provisions of sub-section (1) shall not apply to an individual resident in India, who—

(a) does not have any income chargeable under the head "Profits and gains of business or profession" ; and

(b) is of the age of sixty years or more at any time during the previous year.]

Deepti Asawa

Deepti Asawa (Expert)
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29 April 2015 In this section both conditions should be completed then no advance tax is applicable
As per this section if a senior citizen have rental income and interest income (other than business and profession) then a person (only senior citizen) is not required to pay advance tax.

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2015 Deepti , It means whether a senior citizen have any business income , he will have to pay advance tax , right or worng .

CA Deepesh Ruhela

CA Deepesh Ruhela (Expert)
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29 April 2015 Dear Sir,

Intt. u/s 234A is payable only when there is default in furnishing ROI (i.e. Payable if ROI filed after due date).

Intt. payable for non payment or short payment or deferment in installment of Advance Tax is in u/s 234B and 234C.

As per section 207, a resident senior citizen (i.e., an individual of the age of 60 years or above) not having any income from business or profession is not liable to pay advance tax.

CA Deepesh Ruhela

CA Deepesh Ruhela (Expert)
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29 April 2015 Yes, if senior citizen have any business income, he is liable to pay advance tax.

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2015 Thanks Deepesh ,

By mistakenly I written 234A instead of 234C

any way thanks for solve my query .

Subhash Jain

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