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?
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?
Interest is payable only when Income tax is payable.
In your case it is exempt income & Income tax is payable so not Interest
| Originally posted by : Mohammed Sadriwala | ||
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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?
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