Interest u/s 234 b & c

This query is : Resolved

DIWAKAR REDDY D (Querist)
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30 September 2014 Dear Sir/Madam (s),
Whether 234 B & C are applicable , if the assessee is having income under 44AD and other sources also.
Eg:- Income under 44AD = 2,10,000/-
Income from Remaining Sources = 2,50,000/-

If they are applicable ,Please give me relavent Sections or Clauses.

Thanking You
DIWAKAR

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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30 September 2014 Interest u/s 234B and C are applicable on advance tax and advance tax provisions are not applicable when return is filed u/s 44AD. however since in your case there is income from other sources as well, interest u/s 234B and C will be applicable on other income if there is advance tax liability and default in payment of advance tax.

DIWAKAR REDDY D

DIWAKAR REDDY D (Querist)
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30 September 2014 Dear Sir,
How we have to calculate the interest in that case as other income solely won't meet advance tax liability.

Thanks

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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01 August 2024 https://docs.google.com/document/d/1bcaHRQkx1vvhAU4sf-RlczNeKd2M73sIZEqRJaK6Wew/edit?usp=sharing

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