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Applicability of interest 234b/c

This query is : Resolved 
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(Querist)
11 July 2013 Sir,
Interest u/s 234b/c is not applicable for senior citizen,this is right??
thanks
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
11 July 2013 Yes, if they don't have 'income from business or profession'. Ref:- section 207(2) of the Income tax Act,1961.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
11 July 2013
Section 234A/B/C is applicable to all assessee who made defaults in payment of Income Tax
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Ganeshbabu K

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Ganeshbabu K (Expert)
11 July 2013 Please note

Advance tax provisions 234B,234C not applicable to Senior citizen

Please refer a clause was inserted to Section 207...by finance act 2012

Clause inserted was provided here for your reference

207(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.]

Thanks & regards
Ganesh babu k
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
13 July 2013 Yes they should not hav any business income + they should be senior citizen at any time in the financial year relevant to ay.
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