One of My Assessee got intimation U/S 143(1)(a) regarding Payment of Interest U/S 234b and 234c
I need clarification please suggest me
My assessee is a senior citizen and has the Business incomed declared under Sec 44AD as Presemptive Basis. and at the same time she has also income from othersources say bank interest.
Is she is liable to pay interest u/s 234 b and 234 C
An Assessee who has opted for computing Business Income U/s 44AD shall be exempted from payment of advance tax. Further A senior Citizen not having any income from Business / Profession , is not laible to pay advance tax.
thank u sir.. That means there is no interest u/s 234 b and 234c
Advance tax provisions shall not apply to the extent of Business profits which are offered u/s.44AD. If Income from all other sources (i.e Salary, House Property, Other PGBP, Capital Gains and Income from other sources) after Chapter VIA deductions and all other Rebates and Relief's exceeds Rs.3,67,081( for Resident Individual not being Senior or Very Senior Citizen) will attract advance tax provisions u/s.208 and failure to comply with it will attract Interest u/s.234B and 234C Provisions. So in your case it assessee having only Bank interest and such bank interest income after all other deductions, exemptions, rebates and reliefs exceed such prescribed amount, Interest u/s.234B and C will apply
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