Interest u/s 234a , 234b & 234c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2013 Interest U/s 234a, 234b, & 234c are Not Applicable to Super senior citizen under Witch section or witch act...?

Ganeshbabu K

Ganeshbabu K (Expert)
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04 July 2013 1)Section 207 of the Income Tax Act captures that Advance Tax does not need to be paid if an Individual Resident Indian-

does not have any income chargeable under the head “profits and gains of business and profession; and

is of the age of sixty years or more at any time during the previous year.

2)The above two points are implying that if a senior citizen does not have any business income or any professional income in a financial year then he does not need to pay Advance Taxes.

So as per above you dont need to pay 234B AND 234C but need to pay interest on 234A if you defaulted

Thanks & regards
Ganesh babu k

Message likes : 1 times

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 July 2013 Provision contained in Section 207.

A senior citizen (i.e., a resident individual who is at least 60 years of age at any time during the financial year) not having any income from business / profession, is not liable to pay advance tax w.e.f. financial year 2012-13 (i.e., the assessment year 2013-14 onwards).

Interest under section 234A continues to apply

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2013 Thank sir

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