Advance tax
Querist : Anonymous
Whether I have income of Rs. 8,32,000/- comprising , income from rent ( house property ) and interest on loan , in that case , should I deposit any advance tax. and will be attract interest of section 234A or not.
Thanks in advance.
Subhash Jain
http://taxguru.in/income-tax/advance-tax-provisions-in-brief-download-advance-tax-payment-challan-and-utility-to-pay-income-tax-online.html
Querist : Anonymous
But as per section 207 of income tax act,
[(2) The provisions of sub-section (1) shall not apply to an individual resident in India, who—
(a) does not have any income chargeable under the head "Profits and gains of business or profession" ; and
(b) is of the age of sixty years or more at any time during the previous year.]
As per this section if a senior citizen have rental income and interest income (other than business and profession) then a person (only senior citizen) is not required to pay advance tax.
Querist : Anonymous
Intt. u/s 234A is payable only when there is default in furnishing ROI (i.e. Payable if ROI filed after due date).
Intt. payable for non payment or short payment or deferment in installment of Advance Tax is in u/s 234B and 234C.
As per section 207, a resident senior citizen (i.e., an individual of the age of 60 years or above) not having any income from business or profession is not liable to pay advance tax.
Querist : Anonymous
By mistakenly I written 234A instead of 234C
any way thanks for solve my query .
Subhash Jain
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