Presumptive income & adv tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2012 is the adv tax liability still arise when assesses declare the income of rs 7 lacs under presumptive income scheme?

is sec-234 b c is applicable or not?

if not under which section it mentioned?

08 August 2012 No liability to pay advance tax if u opt for presumptive income scheme

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 August 2012 thanks.... will u say which section , so i can study in detail..

10 August 2012 Sub section 4 of Section 44AD provides that the provisions of Chapter XVII - C are NOT applicable to eligible assessee.

Chapter XVII - C deals with advance tax.

Accordingly advance tax provisions are NOT applicable to Section 44AD.

So, interest u/s 234B and 234C will not be lievied in such a case.

10 August 2012 Thanks Bhardwaj sir I was confirmed about that but section was skipped from my mind thanks for reminding.

10 August 2012 You are welcome. You should use the thanks button to convey your thanks.

10 August 2012 Agree With Experts...
@Sid - Nice Joke.


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