Interest on tax
This query is : Resolved
Gopi Kishore Bonam
(Querist)
09 July 2013
The assessee has income on estimated basis 44AD. He had not paid any advance tax during the P.Y.2012-13. when computing his tax liability, interest U/s. 234 will calculated or not?
Anand Modi
(Expert)
09 July 2013
Section 234C is for advance tax and this section has been given relief for the person filing return under section u/s 44AD however for section 234A and 234B you have to pay tax.
Thanks and Regards
Thanks and Regards
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09 July 2013
Advance tax need not be paid by presumptive tax payer's. Hence provisions of section 234B and 234C doesn't apply to them.
Ref:- Section 44AD (4)
Ref:- Section 44AD (4)
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