Whether int u/s 234b & c is applicable in case of sr citizen
This query is : Resolved
11 June 2013
1.Whether Int u/s 234b & c is applicable in case of Sr Citizen or on presumptive income
2. Can you provide the link justifying if Interest u/s234 B & C are not applicable for senior citizens or presumptive income.,
because i didnt find any such exemptions in the IT ACT??
1.Whether Int u/s 234b & c is applicable in case of Sr Citizen or on presumptive income
2. Can you provide the link justifying if Interest u/s234 B & C are not applicable for senior citizens or presumptive income.,
because i didnt find any such exemptions in the IT ACT??
11 June 2013
Assessee covered under Sec44AD is not liable to pay Advance Tax .............!!!!!!!!!!!
so it will not apply in case of Presumptive basis.
But it will apply to senior citizen as applies to others.
so it will not apply in case of Presumptive basis.
But it will apply to senior citizen as applies to others.
11 June 2013
Advance tax provisions as per chapter XVII-C is not applicable to presumptive income as per section 44AD(4) hence levy of interest u/s 234B and C doesn't attract irrespective of the age of the assessee.
Again ,advance tax provisions shall not apply to senior citizens who do not have income chargeable under the head 'profits and gains of business or profession' as per section 207(2) and hence applicability of 234B and C also doesn't arise.
Again ,advance tax provisions shall not apply to senior citizens who do not have income chargeable under the head 'profits and gains of business or profession' as per section 207(2) and hence applicability of 234B and C also doesn't arise.
Message likes :
4 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Relief u/s Section 89
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
