Mohammed Sadriwala (Student CA Final ) (34 Points)
02 May 2014if a senior citizen having a business income which is exempt eg:- Share in profit from firm, will he/she be liable to pay Int u/s 234B & 234C?
KIYOSH
(TAX CONSULTANT)
(332 Points)
Replied 11 June 2014
Interest is payable only when Income tax is payable.
In your case it is exempt income & Income tax is payable so not Interest
Mohammed Sadriwala
(Student CA Final )
(34 Points)
Replied 12 June 2014
| Originally posted by : Mohammed Sadriwala | ||
 |
if a senior citizen having a business income which is exempt eg:- Share in profit from firm, will he/she be liable to pay Int u/s 234B & 234C? |  |
But if we fill ITR-3 it calculates the Interest u/s 234B and 234C if the assessee only has exempt business income, why so?
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 12 June 2014
/experts/interest-u-s-234a-234b-234c-for-senior-citizen-1347579.asp#.U5luVJSSxO0
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