Whether int u/s 234b & c is applicable in case of sr citizen
This query is : Resolved
11 June 2013
1.Whether Int u/s 234b & c is applicable in case of Sr Citizen or on presumptive income
2. Can you provide the link justifying if Interest u/s234 B & C are not applicable for senior citizens or presumptive income.,
because i didnt find any such exemptions in the IT ACT??
1.Whether Int u/s 234b & c is applicable in case of Sr Citizen or on presumptive income
2. Can you provide the link justifying if Interest u/s234 B & C are not applicable for senior citizens or presumptive income.,
because i didnt find any such exemptions in the IT ACT??
11 June 2013
Assessee covered under Sec44AD is not liable to pay Advance Tax .............!!!!!!!!!!!
so it will not apply in case of Presumptive basis.
But it will apply to senior citizen as applies to others.
so it will not apply in case of Presumptive basis.
But it will apply to senior citizen as applies to others.
11 June 2013
Advance tax provisions as per chapter XVII-C is not applicable to presumptive income as per section 44AD(4) hence levy of interest u/s 234B and C doesn't attract irrespective of the age of the assessee.
Again ,advance tax provisions shall not apply to senior citizens who do not have income chargeable under the head 'profits and gains of business or profession' as per section 207(2) and hence applicability of 234B and C also doesn't arise.
Again ,advance tax provisions shall not apply to senior citizens who do not have income chargeable under the head 'profits and gains of business or profession' as per section 207(2) and hence applicability of 234B and C also doesn't arise.
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