Hi Experts,
My question is regarding advance tax for Senior Citizen for the FY 2013-14:
My client is having Income from FD's, income from House Property which is more than 1 crore. Apart from the this she is a partner in Partnership firm and she is not getting any renumeration or interest on capital in the Firm. She getsonly share of profit and the same is exempt. Is she is liable for Advance Tax payment?
We have received initimation u/s 143 (1) for deferment of advance tax and they have charged interest u/s 234 B and 234 C.
Please advice on this whether she is liable for Advance tax payment.
Srikanth.R
Is advance tax to be paid by Senior Citizen if she is a partner in Partnership Firm? She wont receive any remuneration or interest on capital, but she receives only share of profit at some percentage. Apartner from share of profit, she is getting House Property Income and Interest Income from Bank FD's. Is she liable to pay advance tax, please guide me. Srikanth,.R
Read more at: /forum/details.asp?mod_id=336185&offset=1
CAclubindia
