Advance tax liability for senior citizen

This query is : Resolved

Guest

Guest (Querist)

11 September 2014 Dear Expert,
One of our client (senior citizen) is having income from Share of Profit from a partnership firm which is exempt u/s 10(2A) and as per the provisions of Income Tax Act, 1961, senior citizen not having income chargeable under the head " Business or Profession" is exempted from payment of Advance Tax and now the income tax department is charging interest under Section 234B and 234C on tax payable on other income.

Whether claim of Income Tax Department justified ?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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12 September 2014 I think you have shown this as income while filing your return and the exemption has not been given in correct field. If it is an assessment u/s 143(1), then file a correction
in the return with income tax department.

Guest

Guest (Querist)

12 September 2014 Thanks sir,

But in income tax return, same has been considered in exemption and our spectrum software also not calculating interest under those sections.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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12 September 2014 Then file a rectification. I am sure it will get rectified. If not, then you may need to contact your ward officers.

Guest

Guest (Querist)

12 September 2014 Sir,

The Department is not rectifying it instead they seize the account of taxpayer for that amount

Guest

Guest (Querist)

12 September 2014 Can u give me any reference material to support that if person is having exempt business income then there is no liability for advance tax ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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06 November 2021 The advance tax in this case is payable, as there is income u/h. PGBP.

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