U/s 234b & 234c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2013 if a assessee has the interest income only and the tax payable Rs. 15000/- whether the interest U/s 234B and 234C is applicaple.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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21 February 2013 if that person is senior citizen ( who at least 60 yr of age at any time during the F.Y.) then only 234B and 234C is not applicable. because he doesn't have income from business and profession.
if he is not senior citizen then 234B and 234C will be applicable

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2013 Thanks for the details but the interest shall be charge on what amount on the whole amount including the income U/s 44AD/AE or only on the interest income.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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21 February 2013 please see your first Q
you told there is only interest income
now from where 44AD/AE came
anyway from A.Y. 2011-12 44AD is excluded from advance tax
so in calculating 234B and 234C this income will be excluded.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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21 February 2013 Agreed.

Other Than Senior Citizen:-
Interest u/s 234B&C Applies Except in Case of Presumptive Taxation Scheme.

Senior Citizen:-
Interest Applies Only WhenThey have Business or profession Income.

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2013 Thanks for the reply.

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