Whether Interest may be charged u/s 234B and C in case of Senior Citizen
This query is : Resolved
16 January 2023
An individual being a senior citizen who is having business income as Share of Profit from business of a Firm which is exempt u/s 10(2A) has been levied interest u/s 234B and C. Also, the Individual is having a purchase of Rs. 1,00,000/- for his proprietary business activity. Please suggest whether the same will be payable especially in a case where senior citizens are exempt to pay advance tax u/s 207(2).
16 January 2023
If he has purchased any goods for his proprietory business, he is liable to pay advance tax, as sec. 207(2) will not be applicable in that case...
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
- Price inclusive or exclusive of GST while made entry in P& L Account
- Tds on commission charges
- Minimum tax payable to file Updated return
- Dep. as per companies act
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Applicability of GST on Salary Reimbursement Component
- New GST registration for new place of business.
- Renovation exp. in flat by family member
- UDIN ISSUE
- Need Professional Opinion AY 2012-13 Old Demand
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
ARTICLESHIP
04 September 2026
Accounts Executive
Hema Yashwanth & Associates
Chennai
B.Com
View Details
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
CCI
Pro
CAclubindia
