11 March 2014
If an assessee has income from salary, house property, other sources and business income u/s 44AD, then will interest u/s 234b & 234c be applicable?
11 March 2014
U/s 234B and U/s 234C interest shall be applicable in the case of assessee who are liable for payment to advance tax but failed to payment of sufficient advance tax with in the due date prescribed.
So for your case is you liable for payment of advance tax then section 234B&C interest shall not apply otherwise applies.
For your information if you have only Income from Business which is taxable under section 44AD then you are not liable for advance tax payment, But in your case you have another income also along with the business income u/s 44AD, so Advance tax liability shall arises you.Since interest u/s234B & C shall applicable to you.
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