Interest charged 234b & c when return filed under 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 January 2014
I filed return in 44AD so there is no need to pay advance tax, so liability arise for interest u/s 234B & C. If IT department charge for this so what is the procedure to reply them?
31 January 2014
As the words ‘shall not apply’ is specified in the section 44AD(4) of the act, the provisions of advance tax will not apply to eligible business and hence the income related to eligible business also should not be included in estimation of ‘current income’ u/s 209(1)(a) of Chapter XVII C. Hence, Section 44AD income should be excluded while estimating the income for calculating interest u/s 234B/234C.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Gift of mutual fund units to daughter
- Not able to file ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Reporting of STCG on Property in ITR
- Error while filling exam form November 2026
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Foreign inward in ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
