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Whether Interest may be charged u/s 234B and C in case of Senior Citizen

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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).
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
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...
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