Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Nand (service)     23 September 2021

Applicability of Advance tax for Senior Citizens and interest levied u/s 234B & 234C.

An Assessee became Senior Citizen during the year FY 2020-21.  Only for a part of the year he was in employment and retired.  TDS was deducted and remitted for I Qtr.   Thereafter, he has not remitted any Advance tax, as he is a Senior citizen having income from Salary, pension and interest.  However, one small payment was received as Professional fee during the FY for which TDS u/s 194JB was deducted and reflecting in AS26.  Had filed ITR 1. Now, on assessment, interest u/s 234B & 234C are levied. 

a. whether he is liable under the provisions to pay interest as levied 

b. whether the small amount received as prof service charges can trigger for the demand of Interest u/s 234B & C 

c. If not, what is the next course available to him ?  Pl clarify and advise.  

 



 3 Replies

Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     24 September 2021

a. Yes, because of TDS u/s. 194Jb ..

b. Small or big is not the question here, the income is to be assessed u/h PGBP.

c. To be careful next time..

Nand

Nand (service)     24 September 2021

Thanks for your clarification.  Whether he can be advised to go for rectification or appeal ? pl advise.

 

Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     25 September 2021

No. need for rectification. Agree to the adjustment, & pay tax, if any additional tax liability arised.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:

Trending Tags