interest u/s 234C
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 May 2011
One of my client has seasonal buisness and his 70% of total income arose in last 2 quarter.Hence he would be unneccessary facing interest u/s 234C for no payment of adv tax in first 2 quarter when he has low sales which in turn he has less cash avaiable. Please help me is there any provision or case law by which i can help him from saving such interest.
24 May 2011
No Provision in law to save him from paying interest u/s 234C.
In Sec 234C, very common real-life situations have been ignored by the statute, viz.
(i) An entity may have come into existence only after the due dates of advance tax.
(ii) An entity, although in existence, may not have been authorised to do the business before the due dates of instalments.
(iii) Seasonal nature of business and uncertainties.
In Sec 234C, very common real-life situations have been ignored by the statute, viz.
(i) An entity may have come into existence only after the due dates of advance tax.
(ii) An entity, although in existence, may not have been authorised to do the business before the due dates of instalments.
(iii) Seasonal nature of business and uncertainties.
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