Hi Friends,
I am filing up ITR 4 and showing income u/s 44AD for Business. while calculating tax ITR is showing me Interest u/s 234 B & C, which is not correct as Advance tax provision are not applicable for Income u/s 44AD.
How to Solve it?
Hi Friends,
I am filing up ITR 4 and showing income u/s 44AD for Business. while calculating tax ITR is showing me Interest u/s 234 B & C, which is not correct as Advance tax provision are not applicable for Income u/s 44AD.
How to Solve it?
Is the income only from 44AD business?
It might be showing this because you are filing ITR 4 and not 4S.If you are filing ITR 4 then you must be having some other income and this interest could in respect of those other income.
I Am filing ITR 4 because exempt is more than Rs 5,000/- and other income is just Rs 2500/-.
so interest calculation should be only on other income which should be hardly Rs 100/- but its is showing me Rs 3200/-.
Yes interest calculation should have been only in respect of other income.Have you tried excel utility? Is it doing the same?
Inc us 44AD 6,50,000
80-c: 100000
80-D 15000
IFOS:2500
@ Z It is calculated on whole Income.
So you are saying that that income which is otherwise exempted from provisions of advance tax,will also be liable to interest which is infact compensation for delaying the advance tax to govt.?
I am saying that ITR 4 provided by income tax Department is calcuating wrong interest.
Thanks for your Valuable time. please provide me email id where i can complain about the same.
You can change it to Zero but again after clicking calculate tax same value wil come.please give me email id where i can complain of the same.
I am trying to call above number from yesterday but it is not rechable.
Your are not logged in . Please login to post replies
Click here to Login / Register
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
Getmyca Consultant Pvt Ltd
New Delhi
CA Inter
View Details
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
CCI
Pro
India's largest network for
finance professionals