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Section 207 Advance Tax payment
If I am Senior Citizens and I Run a Business (Partnership Firm which is liable for Tax audit ) But I don't get any Income Like Remuneration and Interest from Firm I am just the partner in Firm . But my Income is 15 Lakhs from House property and Other sources heads. should I pay the advance tax . If not paid will it attracts 234 B,234 C
Replies (3)
No, it will not attract 234B/C in your individual capacity
Can you explain How ?
234B/C is for late depositing of Advance Tax, but 207 states that advance tax will be applicable only if the assessee has business income. Also, 207(2) states that the age shall be below 60 yrs
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