Sec 234b sec234c & chapter xvii-c

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2013 HELLO FRIENDS....

MY QUERY IS

WHETHER CHAPTER XVII-C IS APPLICABLE ON SEC 44AD ASSESSEE.

WE RECEIVED A RECTIFICATION ORDER U/S 154 OF INCOME TAX ACT 1961, WITH RESPECT CPC ORDER.

IN WHICH ASSESSEE DECLARED HIS INCOME U/S 44AD OF INCOME TAX ACT 1961, AND RECTIFICATION ORDER IMPOSE INTEREST U/S 234B AND 234C.

PLEASE GUIDE ME IN RESPECT OF THIS QUERY

Ganeshbabu K

Ganeshbabu K (Expert)
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27 June 2013 You might have having any other income like,capital gains and other sources..

Generally,

No need to pay advance tax .please refer Section 44AD subsection 4

So 234B,234C will not applicable ..

Sec.44AD
(4) The provisions of Chapter XVII-C shall not apply to an eligible assessee in so far as they relate to the eligible business.

Explanation.—For the purposes of this section,—
(a) "eligible assessee" means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a 81limited liability partnership firm as defined under clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009); and
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading "C. - Deductions in respect of certain incomes" in the relevant assessment year;
(b) "eligible business" means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 82[one crore rupees].]

Thanks & regards
Ganesh babu k

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