Sec 44ad-applicability of advance tax payment provision
This query is : Resolved
07 November 2011
Dear Sir/madam,
An assessee(individual) who declared his income u/s 44AD. His tax liability come to more than Rs 10,000/-.
He filed his online return (ITR 4S) on 25-07-2011 (Due date 31-07-2011.
But as per intimation received u/s 143 by CPC he has to pay Interest u/s 234B & 234C
for non payment & under payment of advance tax.
Please suggest me whether he should pay the said interest or can file rectification of return?
An assessee(individual) who declared his income u/s 44AD. His tax liability come to more than Rs 10,000/-.
He filed his online return (ITR 4S) on 25-07-2011 (Due date 31-07-2011.
But as per intimation received u/s 143 by CPC he has to pay Interest u/s 234B & 234C
for non payment & under payment of advance tax.
Please suggest me whether he should pay the said interest or can file rectification of return?
Dintakurthi Tirumala
(Expert)
07 November 2011
From the A.Y.2011-12 Liability to pay advance tax for the assessees who offers their income under section 44AD is exempted reply to the CPC with this content.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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