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...
CAclubindia
