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.
29 April 2015
In this section both conditions should be completed then no advance tax is applicable 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
Querist :
Anonymous
(Querist)
29 April 2015
Deepti , It means whether a senior citizen have any business income , he will have to pay advance tax , right or worng .
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.