Case studies for interest u/s 234B on senior citizen case
This query is : Resolved
21 November 2019
is there any case studies for interest u/s234 B as per Assessing officer they have charged interest u/s234B but my clent is senior citizen
27 May 2020
Can't get any case study.
According to Section 207 of the Act, a resident senior citizen (an individual of age 60 years or more) who does not have any income from business or profession is does not have to pay advance tax. And no penalties under section 234B,234C are liable.
For instance, a senior citizen may have various sources of income such as rental income, pension, interest from bank deposits, or dividends. She does not have to pay advance tax, as these sources of income do not fall under the income tax head of “income from business or profession”. Such an exemption is irrespective of the amount of income that a senior citizen earns from a source other than business or profession.
According to Section 207 of the Act, a resident senior citizen (an individual of age 60 years or more) who does not have any income from business or profession is does not have to pay advance tax. And no penalties under section 234B,234C are liable.
For instance, a senior citizen may have various sources of income such as rental income, pension, interest from bank deposits, or dividends. She does not have to pay advance tax, as these sources of income do not fall under the income tax head of “income from business or profession”. Such an exemption is irrespective of the amount of income that a senior citizen earns from a source other than business or profession.
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27 May 2020
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